SFR in Valrico FL. In Foreclosure (late stages) Ist (w/fees) 320K, 2nd is 19K (Originally 79K but lender is willing to short itself to get something should the property foreclose). House is new and appraised at 400K. Borrower has a FICO in the low 500’s. Owners are desperate and want to keep the house. Job loss and family tragedy contributed to the road to foreclosure. Any help or advice would be appreciated.
Unless the short agreement yields a number equal to or less then 65% of market value, it is highly unlikely.
I’m aware of a LTV based HML that doesn’t require income or credit verification that would possibly entertain a deal like this (assuming that the recasted value would not exceed 65 LTV).
Regards,
Scott Miller
Agreed- I’m not aware of any lenders doing foreclosure bailouts these days except possibly hard money.
Iwners are desperate and want to keep the house? But not desperate enough to go and get a second job to pay the mortgage?
So desperate, they expect to live for free? Stay in their house and not pay anything?
There is a very good chance that the bank will re-set the mortgage if they can prove the owners can make the payments. If they can’t make the payments, they should give up the idea of keeping the house.