Need Advice
Several years ago i refinanced home with national com.(Ameriquest Mtg). Actually I was surprised that they did a refi-cash out at an appraised price that was much higher than market value. Now I want to retire to country but noone will pay or assume that high mtg lien. While I dont want to have a foreclosure on my record, the only one willing to buy is investor who will buy "as is"(since it needs sub rehab)at less than mtg balance. I have tried to talk sense to that ameriquest to do a short sale but get little or no response. I tried to convince them that if sold at foreclosure sale they would get even less than that offer.
I might try to threaten to file bankruptcy but I think that such action will not forestall a foreclosure like it did several years ago.
How do I convince these jerks that a short sale is in their best interests???
You cannot do a short sale on your own property, although you can have an investor go through it. And most lenders wont consider a short sale unless the mothly payments cease.
You might consider stop making payments, but before that 1st late payment secure financing for the property you want to move into, then stop making payments all together (a few late payments will look a lot better than a foreclosure), then have your investor go to the bank and plead your case for a short sale
You migh consider listing it on the TCI property page.
I hope this helps,
Jorgan Cattin[ Edited by jcattin on Date 04/28/2004 ]