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


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.

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.

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.