I think I know the answer to this already, but I just had a seller answer one of my letters. This guy mortgaged his SFR to the hilt to buy his wife out due to their divorce. His payments are current and to tell you the truth are extremely high even for the area. (5k per month). At the price range (650K), the property is at the top of the market. Currently most homes are listed at least 6 months before they sell, so this guy is out of luck.
The home is great condition and the payments are current. Will a bank even consider a short sale at this point and if so how should it be presented to them? I am guessing this guy will have to fall behind before the bank will do anything. Any input is appreciated.
I agree with Green. It is possible, but certainly a bit tougher. I’ve started the short sale process on houses where mortgage is current. Just need to do more homework regarding hardship, anticipated financial issues, etc.
I am a homeowner “only just” current on my mortgage and I am going through an attempted short sale with my lender. I’ve had a couple of late payments in the past. They haven’t approved it yet, but I just had the BPO, so they are obviously considering negotiation. Our house is falling apart around our ears and I have to rely on family members living there to help with my mortgage. It’s not going well, and my credit is being destroyed, hence the short sale application.
What do you mean by third party? An investor? If so, I’m working with one right now, who is doing a great job of keeping on top of the lender and gives me regular updates.
