HELP!! Owners Will Not Cooperate!!!!!!
I have located my first property ($75k=2mortgages/$18k judgement, ARV $150k w/ $15k rehab) and the owners have agreed to deed it over or accept a purchase contract(my choice). I approached the bank to ask for short sale on the second (foreclosing)mortgageand they said I have to have a hardship letter, proof of income, and proof of medical condition from the owners. They didn't care if the bank foreclosed anyway(why bother) and will not cooperate with my request for some of this info. The house is vacant, they live out of state, are elderly, and they don't care about their credit at this point. Where did I go wrong? Soooo PLEASE HELP!!!!!!
NOTE: I have broke rule #1 (become attached and emotional!) 
What about buying this subject to? and bringing the loan current? it looks like there might be enough equity in it to purchase even at full value from them.
The things you mention are standard short sale items. GO to the shop TCI section and spend $50 on the "short sale primer" I have not read it but I here it is quite good, I alas bought another and it seems to get the job done.
[addsig]
Fine, love the house it is allowed.
Now go take their deed, get it notarized and record. You have an excellent deal. Try for discounts if you wish, but you do have a good deal.
Put your new loan on and go to workl.
Congrats. Lucius
Thanks! I would try the sub2 but the foreclosing bank says it's $6k plus lawyer fees to bring current and that's just one mortgage. Cash is an issue right now. However, the bank is allowing me to get my own BPO/appraisal, is this normal? [ Edited by REI_SIMILAC on Date 02/07/2004 ]