Phone Call From Homeowner
I need an advice on how can I help motivated seller in foreclosure who has:
1. no equity
2. two mortgages
3. the first one is foreclosing
She called me today asking how can I help her and this is the information I got from her over the phone. How can I help her?
Thanks,
Thomas
Perfect short sale territory, assuming some other factors. Check out the short sale forum. It should help answer some questions.
Well a little more info: How much is the first, how much is the second? Whats the FMV?
While you are trying to get the 1st mortgage to do a short sale,go to the 2nd and try to buy at a deep discount explaining that the 1st is foreclosing and they stand to lose everything. Explain to your client that they will receive a 1099 Tax form and will be required to pay the taxes on the amount of the short sale difference of what is owed and the accepted price. Full disclosure will keep you out of trouble,most of the time.
how much time does she have? you will need time to get the ducks in a row
