I’m currently working with a landlord who has 7 properties and he needs to sell them all (4 in pre-foreclosure and 3 are heading in that direction). He hasn’t owned the properties for that long (from 8months to 2 years) and he has no equity in any of them. He originally paid top dollar and got into these properties with 0 down. My only option is to try and present a short sale with the banks. Does anyone have any advice or letters I could use in addition to the necessary short sale paperwork? I was thinking of some kind of letter that tells the bank that I’m trying to save the owners credit and can keep this loan off your books as a loss, etc. Any other suggestions would be helpful as this is my 1st attempt trying to do a short sale
Thanks
Care to post the draft of your letter? That would help 
I don’t have one. I’m not good at writing letters. I want something that hits all the key points and makes the bank think as opposed to a letter that states “please accept this short sale because Mr. owner cannot afford to pay and the property will go to foreclosure, costing you guys more money in legal fees”. I was hoping someone had one they could share with us
Thanks
heres my draft
what do you think
Dear Chadd
Please find enclosed the short payoff sale package for loan xxxxxxxxx, Roodnath , mortgagor, xxxxx Street , Schenectady NY 12309
Roodnath is at a point where he can no longer afford to make his payments. With all the fees and penalties that have accumulated and all the necessary repair work needed, it is impossible for Roodnath to sell the property for the payoff amount. As this goes on, Roodnath falls deeper into debt, continues to destroy his credit, prepares to file Chapter 7 and continues to feel helpless. Roodnath just wants out and doesn’t have any other options other then just walking away. This is something that Roodnath does not want to do but it is forced to. The only other way out is for Homecomings Financial to accept a Short Sale. By accepting this short sale you are helping Roodnath relieve this financial burden that has been lingering around. This shot sale would also allow you to wipe this loss of your books and possible save money from any additional foreclosure fees.
My proposed purchase price for this property is $47,430.00. I have put a lot of time and thought into determining the purchase price. Considering the properties comparable sales, current condition, and physical location, I feel that this is a fair price.
I appreciate the time you take to review this situation and look forward to hearing back from you with
Please call me at xxx-xxx-xxxxor email at xxxxxxxx@hotmail.com if you have any questions.
Sincerely,
I have found that convincing a bank to work with you before the homeowner is actually in foreclosure can be difficult. They are hoping the homeowner will bail themselves out. Along with the letter it may help if the homeowner provides some financial information and a hardship letter - anything that allows the bank to see what is going on and most importantly to see why the homeowner will not be able to make up the payments and prevent a foreclosure.