Help I Need Help Please!
Is there anyone at the creative investor that could help me with this problem. I thought thats what we are all here for. I have had many to view my problem but no one to give an opinion or offer any guidance or direction in this matter. Nancy one of the moderators blocked my posting on one of the other forums, but didnt lend a hand. Does anyone have a answer for me.
This is the scenario. Got a seller thats 6k behind on his mortgage payments. Seller has also requested short sale paperwork from bank. Seller has filled out paperwork and is in the process of sending it back. Bank told him that he needed to list the property with a broker which he did. Broker listed the property for 129k. I made an offer for 100k. Broker presented offer to the seller, but said the bank wouldnt entertain the offer. What do I do in this situation. Could I ask the seller to quit claim the property over to me and I catch up the note. Never had a deal like this before looking for some help. Any help would be appreciated.
Whats the house worth?
Whats the remaining balance on the loan?
What are the comps?
Does the house need work?
What would your exit strategy be?
If you provide more details you might get a better response.
So a bank will never do a short sale if the owner filed bankruptcy?
Lenders have no responsibility to try to prevent foreclosure even if it is a FHA loan? I guess HUD regulations that they can accept 82-85% of value does not mean they have to accept anything?
Any clarification would be appreciated!