Am I handling this deal right?
Hello everyone. I want to thank you for all that you've shared in these forums and for the wealth of knowledge I've been able to gain from it.
We now have a homeowner who wants to work with us and this is what the deal looks like: Owner has two loans 1) $168K @ $1254/mo. PITI; 2) $14K @ $210/mo. Houses are going for $180K We told him we'd have to short sale the 2nd and then take the 1st subject to and he's agreed. He's behind 3mos. on the 1st, and I'm now thinking we should be considering short selling the 1st as well, since it's not our company policy to come out of pocket with a chunk of cash.
We are going to meet with him this morning, to see his house, discuss his specific situation to get details for the hardship letter, build a rapport, etc.
I'll keep you posted as things progress. It's been helpful for me to see other postings people submit as they work through a deal, and I just wanted to "give back" a little.
God Bless!
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