SS

Foreclosures, Short Sales, Tax Foreclosures
1

will a bank consider a SS on a property that has’nt had a notice of default???May have a property in Cleveland would like some advice

thanks

2

I’ve started SS negotiations on properties where the mortgage was current. Must show imminent financial hardship though. Just depends on the lender and the HO’s situation.

3

I’ve done a shortsale where it was current. I didn’t get them down enough to sell to an investor, but low enough to a homeowner.

Mortgage companies are willing to do it, cause they get their money back RIGHT NOW. Plus there is always a possibility that the owner could end up being foreclosed on in the future.

4

Although it is possible to negotiate a SS before a mortgage goes into default, it is very unlikely. Most lenders wont even consider one until the loan is in default.
Plus the discount that a lender will take on a SS will be greater if the loan is in default rather then current.
Remember, levels of motivation rise with urgency. And the closer it gets to a default the more urgent the situation becomes.