Dealing With A Non-agreeable Lender.
I am dealing with Stawiarski & Associates regarding a short sale that involved four mortgages.
1st - 58k
2nd - 6k
3rd - 36k
4th - 4k
About $104k in mortgages. The house in good shape is perhaps in the $90ks. As is I could see not paying more than $70k. Stawiarski has loan #s 3rd and 4th. They are owed $40k. I offered $2k they told me i'm not realistic and
"Please be advised the comps in the area, condition of home(homeowners responsibility) will not influence our negotiating process."
They will take $25,658 for the third and $1500 for the fourth. The third has not been paid in TWO years. The homeowner knew that if he paid his first only, he would be able to stay in his home longer. This only drops to about $85k. Still no way! It assesses at $83k which is definatly assessed too high.
Have you ever been rude to them saying that this $70k house will be THEIR $104k obligation(word they used a lot) if they don't negotiate? Lol. I really need this huge $36k to come down a lot. It is originally with Homecomings Financial(HFCO). This is the debt collector I'm dealing with I think.
Thanks,
Chase
The first will likely be made whole at Sheriff's or Trustee Sale.
The first second, and second second could get $20,000 at Sale.
If they countered at $25,658 + $1,500 that's what they feel is a realistic recovery.
You have a choice. Either fashion your business proposal to be more factual and compelling by further denigrating their perception of value...... or walk.
[addsig]
Yes yes, just had a stupid breakthrough. I didn't realize all four mortgages are in his and his ex-wifes name. They are now divorced and seperated for about 6 years. He has now found a new spouse and her kids and is unable to support everything.
Quote:
On 2004-11-09 19:39, TheShortSalePro wrote:
The first will likely be made whole at Sheriff's or Trustee Sale.
The first second, and second second could get $20,000 at Sale.
If they countered at $25,658 + $1,500 that's what they feel is a realistic recovery.
You have a choice. Either fashion your business proposal to be more factual and compelling by further denigrating their perception of value...... or walk.