hey guys, hopefully i can get a response before i call this lady back. i sent out a preforeclosure mailer and i just got a VM as i was out for a run. her mesg was that her and her husband are having money issues and want to refinance. how do investors go about answering this when HO’s say this (i imagine its many). also, if refinancing is a possiblity for them…how will i be able to help?
all info is helpful…hopefully i’ll get a response ;]
anybody have any feedback they’d like to share? i can’t imagine this being an uncommon thing. my guess is the homeowner is going to tell me she wasn’t able to refinance and would like for me to help her out.
how do investors help out HO’s in this situation? (how would i have better luck than the HO’s themselves?)
how should i reply to this and what steps should i take to try and get her a refi?
thank you green queen, yes that makes total sense and from the previous posts i understand that they usually come back to you. my concern was about the refinance…of how i could help them out etc. you seemed to answer my question, much appreciated.
as a side note, what information should i get from her once i tell her that i will help refinance? i need a signed authorization to release form…the bank and their acct numbers as well?
also, let me back track here. when they mention they want to refinance. my response should be that i will try to get the bank to work with them and if that fails, i will try to see if my (whoever that may be) loan officer can help them out. do i have this right?
okay…i spoke with the homeowner briefly. i will be speaking with the husband within the next few days to get more details but here is the summary from the wife:
according to her…
the house is worth about $380k-$390k
she owes about $320k (will confirm with lender)
they are about 2 months behind (I believe its more)
they borrowed against the house to fund a business which went south (or never took off)
-the husbands credit is shot and they can’t get a new loan
she would me to try and speak with the bank to see if there is anything I can do and is ready to sign the authorization to release form
she mentioned she may file bankruptcy so she doesn’t lose her home
that’s the story in a nutshell. my concern here is she mentioned bankruptcy. how do investors deal with this? i want to be straight forward with her…if it is a better option for her…then i would advise her to take it versus me purchasing her house. so far i only asked if she spoke with a bankruptcy attorney (she said no) and that she should before she decides to go that route. i said the laws for bankruptcy are getting tougher so she should seek professional advice.
anyone have any helpful info to provide?
as always…tahnks in advance
She would have to have shown 6 months ago she was filing.
They must go through credit councilling and it will cost them huge bucks now to do it as an attorney doesnt want the liability anymore, if a case is wrongly filed the attorney is responsible.
Even if that works, there is still equity there right, the lender will push a motion for release of stay and they will foreclose it anyway.
so they will have a foreclosure and a bankruptcy on their credit.
he might have bad credit now, see what happens if they go down that road.
green queen, you’re help on this board is remarkable. I (and others i’m sure) greatly appreciate it.
i will communicate that to the homeowner once that issue is brought up again.
once i get the authorization to release form back and sent to the bank. then what?
i’m just going to call the bank and say “Hi, I’m Ryan and I’m calling in regards to the home on xxxx. I’d like to see if we can work out a forbearance or a modification of the loan” ??? am i off? missing some major steps?