First SS with a twist

Foreclosures, Short Sales, Tax Foreclosures
1

Hello everyone,

I have never done a short sale but I have an opportunity on a property. My son has filed for bankruptcy and they have dimissed his house loans. He owes 270K on the 1st and 80k on the 2nd. The house appraises at 260k and it will probably go to foreclosure in the next 3 months.
1.Will the banks even consider a SS offer from me, being his father?
2. What % of the loan amount is typically accepted by both.
3.Are their SS packages available for me to present to both banks?

Any help would be greatly appreciated,
RC

2

First of all, they don’t have to know that he’s your son, in negotiating the SS he’s your “client”, and even if they do know it shouldn’t make a difference.

What the house appraised for and what is owed makes the possibility of a SS seem excellent to me, even though the house seems to be VERY upside down.

Just go through the steps: authorization to release, wait 24hrs, call for SS packet, meet their requirements, etc, etc.

Good Luck.