Parents House
Due to health?financial issues my parents have decided to give up thier house. I would like to try to offer a short sale proposal to the lender and see if we may be able to make a few bucks. Heres the situation.
They owe 128000 to emc mortgage
They are 60 days in arrears
They filed BK and re affirmed
Mom was recently approved for disability
Dad is retired and collects SS
I am looking for some help as to how to go about this short sale.
Has anyone ever delt with EMC?
What is an appropriate offer?
The property has a FMV of 140K to 145K but it needs about $ 12000 in foundation work and misc.
Just submit a short-sale package. what is the worst that could happen? send them a net sheet with what they will net after all cost. Glorify the work it needs and offer them about 100k. If it doesnt get accepted they should counter (i know they did with me).
Make yourself the contact person for the BPO so you can point out all the bad. that also worked for me twice. I was honest with the person doing the BPO and gave them a sob story and they they felt bad and got it right where i wanted.
I really appritiate any and all suggestions with this matter. This will be the first time Ive done a SS. I was hoping some one would have the contact info. Thanks for all the assistance !!! :-?
make sure that your short sale proposal includes a work breakdown estimate from a local contractor. They respect that more than just hearing it from you. The contractors estimate for repairs and a few pictures usually goes a long way in supporting your case.
that also depends who you are doing a SS with. I had a company tell me not to submit stuff like that or he wouldnt even look at it. he says he hates when people do this and he puts that on the bottom of his pile. all places are different
Any contact info???
any suggestion dealing with emc???
Thanks
what do you mean contact info? you want their number? call them up and ask for the loss mitigation department. No i have have never delt with them. ask them for the person handling the account (foreclosure account) ask them what they need from you for a short-sale and go from there..
Is the house on the market? Have you tried to sell it? I have worked on a number of SS as an agent, but the bank wants to see if you have tried to sell it. It is also unlikely they will "let you make a few bucks" at their expense, especially if they see you are related.
Sorry,
I thought you said they wanted $100,000 for their property to deed it to you.. Tried to edit the post but keep getting an error message because of my smiley logo
MT