Newbie trying to do 1st REI deal as a short sale. Contacted Mortgage company & was prepared to request a package for short sale, but loan has been turned over to BK Attorney. Contacted them and got sent directly to voicemail with 2 options:
- Request amount to reinstate loan
- Request payoff amount
Message says phone calls will not be returned, just an answer to whichever request I would choose.
My question is this: Is there a “Loss Mitigation” process that is different when loan is turned over to BK Atty? Should I attempt to deal with them directly or try to go back to the Mtg. Co.??
Great site!! Have been soaking this all up for a couple months & it is amazing how you look at your neighborhood with DIFFERENT EYES!!
It’s a little late in the process, but therre is still a chance of dealing with the loss-mitigation department of the mortgage company if the case was just recently sent to the lawyer. If you have no luck with the mortgage company AND there is plenty of equity in the house AND you have the cash/credit to buy the house, it is probably worth redeeming the delinquent mortgage and buying the owner’s equity for a small payment.
You probably can get a little better advice if you provide more info about your potential deal: Where
(FLA East Coast has better appreciation potenial than East Baltimore) What is market value, What is your cost,
What will repairs cost, etc.
Details: 3 BR 1.5 bath townhouse just outside Harrisburg, PA
Solid, slow growth rates, nothing like FL… Owner refied a year ago & is 5 payments behind… Owes 97,000 - ARV 105,000 with 2-3000 to get it there… so really no equity… that’s why the short sale… I will contact Mtg Co again tomorrow to see if they will negotiate… It seems awful quick to give up on this with only 5 pmts behind???
When you talk to the mortgage company, get to the loss-mitigation dept. It looks like you’re getting the runaround from customer “service” people. This looks like a real skinny deal with the recent refi taking all the equity, but a short sale could make it work.
Don’t bother trying to negotiate with the BK attorney.
Try to get to the loss mit department, then ask if they have any Bankruptcy loss mitigators on staff. If not, forget about it until the bk stay is lifted, because a regular loss mitigator will not touch an active BK. Who is the mortgage servicer, I can tell you right now if they have bk lrc’s on staff?
That link is not opening :rolleyes