I am working with a seller who is 7 mos. behind on her mortgage. Foreclosure will begin end of May, early June. The problem is, this is a pretty house. It’s only 3 yrs old and sits on 1.5 acres. The other problem is she wants to stay in the home. She can afford the regular monthly payment but due to divorce and her husband filing bankruptcy without her knowledge, the bank has not been accepting her payments.
Should I bother with trying to short sale it? I know she owes more than what the property is worth, but is this too complicated of a deal to bother with?
Your question is “should I bother with this deal,” yet you don’t give us the necessary info to even give you a bad answer, much less a good reponse. What’s owed, what repairs are needed, how much is 7 months behind, and most important, what is the value of the property?
The other problem is she wants to stay in the home. This is NOT an option. If she wants to sell, then buy. If she wants to stay, then she can pay. Never, NEVER leave the seller in the property after buying.
She can afford the regular monthly payment but due to divorce and her husband filing bankruptcy without her knowledge, the bank has not been accepting her payments.
This is…uh…, an inaccurate statement. Is that the politically correct way of saying lie? Okay, I’ll admit that I’m not that up on bankruptcy law, but I seriously doubt that a spouse could file for it without the other’s knowledge or consent. I KNOW that the lender would NOT not accept payments just because of a bankruptcy. Hey, they want to get paid, they’ll take the checks IF they were sent, trust me on this one.
If you stay in this business long enough, you’ll learn that people in foreclosure have a way of giving “inaccurate” information about why they are in the position that they are. It’s just part of the job to determine what is true and what is not.
If the property was included in the bankruptcy, that may complicate a short sale.