Seller Is Investor With No Hardship Letter

My Seller is an investor who is overleveraged on this preforeclosure house. I am ready to submit my SS package and proposal to the lender, except I have no financial/hardship info about the Seller/investor to include. Any suggestions on how to handle this in my package submission? The package needs to be submitted PRONTO to avoid the Sept. 5 foreclosure date.

Thanks!

Comments(4)

  • bargain7614th August, 2006

    Be creative. Mr. X fell upon hard times as well as being overextended. He would like to start fresh and not go into Bankruptcy as he has been advised.

    Or similar comments.
    [addsig]

  • RJMiller15th August, 2006

    Thank you! Sometimes we overlook the most obvious, common sense answer. Thanks for pointing it out!!

  • ttime15th August, 2006

    SS Pro,

    Thanks,

    Yes their monthly payment is 1500 and that includes 175 in PMI. It is a conventional loan.

    Yes, they do qualify for a hardship. We have had preliminary contacts with Ameriquest and they said they would be willing to
    work with us.

    I also have employed the help of a Realtor friend who has done many SS so I think kwe will have a well prepared proposal.

    My concern was the large difference between the loan balance and what the current value and condition of the property is in.

    I think 70 would have to be my high end to do the deal.

  • TheShortSalePro15th August, 2006

    Your success will depend upon your preparedness for the BPO inspection.

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