I have a seller who has missed their Oct 1st payment and is also going to be 30 days late on it as well. Not sure how to advise moving forward.
Here are the numbers:
HELOC 1st loan with National City Home Equity for $205K
Also $3,300 behind in RE taxes.
2002 built home and have not seen for cosmetic (if any) repairs
ARV is $200-210K
Seller wants to downsize out of his home. He knows he is fully leveraged to list it or try and sell on his own.
Do I contact the lender for a SS pkg this early in the game?
Can I put the house on the market now (I am a RE agent) and mention that “SALE IS SUBJECT TO LENDER SHORT SALE APPROVAL”?
Should the seller not make any further payments in order to get the SS?
Is the seller’s type of loan even worth attempting for a SS?
Any and all help would be very precious…thanks and God Bless! Sheila