Bank Says "no Way" Only Option Foreclosure?
Alright, I am soooo frustrated. This is a Countrywide Loan (go figure!!) The county appraised value is at $382
1st lien 360+
2nd (Fleet) 45+
BPO is $425-450
Repairs are more cosmetic than structural totalling $30-50 (pink walls, ceilings and carpet!! bright pink)
Owner had home on market for over 300 days and did not sell, due to cosmetics.
We have offered 1st lien 100% of principal $305 plus WE pay realtor (she is a B****), title and taxes up to date in addition to a negotiated amount with second of possibly $20K
This is for our personal home.
1st lien said not taking less than $360 due to BPO, and won't deal at all if 2nd lien gets more than $1,000
I have spoken with Countrywide's attorneys in Dallas and they are willing to speed this into foreclosure if Countrywide gives go ahead (which it sounds like they will) So, the auction date would be September 2.
Do you all creative investors have any suggestions for my husband and I to purchase this property? I am in the understanding that we have to get a non-secured loan for the auction and then refinance as soon as the deed is turned over. Could the cashier's check be made payable to the Trustee to help in our getting the non-secured loan? We have EXCELLENT credit, but not enough cash. We don't really want to buy it this way however as I have never been to a home auction and I hear it can be very competitive. I REALLY want this home, at our price.
Also, why isn't either side willing to negotiate this loan out? We are wanting our purchase price to be $350, but are willing to go up to $400K if we have to.
There HAS to be an easier way to get this house!! IF we paid both loans off AND did the repairs, we would be close to a negative equity situation on a high end home which is in a tight market anyway. The loan has been in default since Jan. of 2003 and was recently cleared of BK13 in June.
Can't wait for a response!!
Mum of 3
Have you tried to approch the 2nd? It look like the 1st is not negotiable because, they know they will get their money, according to the BPO, at least. The 2nd on the other hand is in a shakier position.
You may need some cash... to be able to purchase the junior at a discount via an assignment.
Then, irrespective of what you actually pay for the mortgage, you can negotiate a short/discount from the first and state that the junior lienholder will agree to accept $1,000 at closing (since YOU will be the junior lienholder).
But, for your short sale to be successful, your argument must be both factual, and compelling.
[addsig]
So, what I am hearing is to buy the 2nd lien holder out. Then go to the first and tell them that the 2nd lien holder has agreed to $1,000? So, on the HUD statement would it be listed as a junior lien or would our names be listed? I am unclear on how to do this and not let Countrywide know that we are now the junior lien holder!!
Also, wouldn't it be beneficial to Countrywide to negotiate with us even a little, to save the money of doing a full foreclosure?
Thanks for the ideas!!
mum of 3
They get refunded that legal fees incured from the proceeds of the sale. So it is better for them to go to take it to the sale.
If I was holding this note then I would see you at the sale.
Now as for the second note your corp can buy it from the lender then your corp can sell it to you for $1000.
Quote:
Also, wouldn't it be beneficial to Countrywide to negotiate with us even a little, to save the money of doing a full foreclosure?
My latest advice is to get a letter of guarantee from the bank, take it to the sale and then buy the home at the auction. I have a title company and a bank willing to work with me, and the Trustee DOES allow this type of letter within VERY STRICT time limits.
SOOOOOOOO, does anyone know what an opening bid on this house would be giving the numbers I have already listed?
Mum of 3
Trustee foreclosing on the property should have information about an opening bid.
Mum,
Don't know anything about Lewisville but I can only assume that you were not at the property when the BPO was done, right? Assuming comps in the area correlate to the BPO? If not, then get real comps to include photos and strong repair (make ready) pricing and negotiate a better price either through realtor/appraiser (BPO) or Countrywides Loss Mitigation Unit.
Good Living
Paul
Quote:
On 2004-08-05 17:44, 3wildkids wrote:
SOOOOOOOO, does anyone know what an opening bid on this house would be giving the numbers I have already listed?
If it is a government insured loan, the opening bid will be for the total amount of the judgement.