A friend of mine is having his house foreclosed in March. He asked me if I can help… He doesnt care if he just walk out with little or no money.
ARV 135k
Mortgage left 113k plus some no payments of 4 months.
How can I structure this deal. I have never done Short sale or subject to before. Please help me.
God Bless
Ronnie
What are the comps looking like? Are there any repairs? How did you determine the value?
This is more than likely a good SS candidate since 4 months arrears + mortgage + RE Commissions & closing costs > $135K. Get an Authorization to Release form signed by the homeowner, fax it to the lender (loss mitigation), then ask for them to fax you the SS package.
Rgchamb,
Do you have necessary forms for short sale so I can get familiar with.
Thanks
Ronnie
You need to have your friend sign an authorization to release info. After you have that you need to fax it to their lenders loss mitigation dept. From there you are able to order a short sale packet and start neg with the bank. Let your friend know that the bank is going to want to see all his financials for the last 3-6 months and they are going to want a hard ship letter stating why they fell behind and wehy they cant afford the property anymore.
ronnie: you’d have to email me & I can send you an authorization to release form. Or, you can do a google seach with that typed in.