Reduced arrearages

I’m trying to salvage this short sale deal that is going south on me. The home owner is 50k behind and I would like to get the bank to cut that in half, payoff the rest and then do a sub-2. Has anyone had any luck getting the bank to discount the arrearages owed? And if so by what percent.


Great Question Bovine…Anyone with experienc in this??

Haven’t done it myself but I have heard of people being able to short sale. It is a pain because some banks put you in a loop and toss you to the next rep and so on. You need to get a hold of the manager and explain to him that the house is 50k behind and about to go into foreclosure and that Short sale is the only way that the bank can get maximum return on their money. Hope Others with experience will chime in. Hope the best for you!