Folks,
Got a homeowner in trouble with a looming Foreclosure.
House purchased for $330K.
First loan with Accredited Home Loans - $264K
Second loan with HSBC - 66K
Behind by about 14K on First.
Behind by over 5K on Second.
The liens are dated the same day, since the house was
a 100% finance with an 80/20 arrangement.
First is foreclosing.
Is there a chance that the First will give me a discount?
I plan to do an SS on the second.
Here is what i plan to offer to the lenders.
First - 82% of loan = 216K
Second - 10% of loan = 6K
Property may not be a fast selling one and my goal
is to wholesale it. Property is a newer one, so
apart from the medical/divorce situation to be a reason
for SS, there is nothing wrong with the home.
I have done some SS before, but not with Accredited and/or
HSBC.
Anytips to deal with these entities will be
highly appreciated.
Also if anyone knows if these lenders have some special
procedures, please share. I know Wells Fargo needs to
have a listing agreement with a realtor.
you ar going to have to rely on days on market and how many homes there is for sale in th e area right now.
you should start HBSC at $1,000 you can always go up, you can come down… then there is the point that the first may stipulate the 2nd only gets $1,000. then you have a headache trying to get them paid off the HUD.
Well, Just got off the phone with the 2 lenders.
The first, Accredited says that their analysis done in May
substantiates a full pay off of over 300K in property value.
So that covers their base once the 2nd is wiped off.
The second - HSBC is willing to negotiate, but wants
to see the Hud-1 and payoff on the first.
At full pay off for the first at 264 + 20K in
delinquent payments and fees, it will not be a great incentive to pick it at 284K and pay to bring up the cosmetics to sell it at 330K in a not so hot location.
I am thinking of still going ahead and putting the paperwork
for a typical short sale in the lenders court and see what
they say.
The lenders rep said that “you are an investor and why do
you care about our liability” ?
This is when i pitched about the what if “it is not picked
up at the auction scenario”.
I said that i do this as a free service and don’t get paid for
it. And moreover ,i don’t hold such big homes for a rental.
I am just getting involved to help out and make it work for
everyone involved. I don’t do this for a living
Could i have answered better. ?
I did not want them to take me for a joy ride giving me the
go around.
-Krish
Kirsh,
I am trying to negotiate with the 2 lienholder, which also happens to be hsbc mortgage corp, which phone number did you use to talk to a LMR?
The one I got and used, it was just a voice mail, and was asked to leave my phone number and message said I would be called in 3 business days. thx.
