Short PAY Anyone??

Comments(11)

• 
  TheShortSalePro3rd December, 2003

  It seems like the mortgagee offered the mortgagor a 'one time offer' to accept $65,000 as payment in full....instead of pursuing a foreclosure. Is this correct? If so, I've seen this before. Whoever is bringing the new money to the table had better act quickly, and get a Letter of Intent to Accept Offer of reduced settlement ASAP.

• 
  HasSpoken3rd December, 2003

  Thanks Short,
  
  Yes, you are correct.
  What department/person do we get a
  Letter of Intent to Accept Offer of reduced settlement from?
  Thanks,
  Tim

• 
  BAMZ3rd December, 2003

  Hi Tim,
  
  If you already have their proposal in writing, go ahead and get them a letter of intent, which accepts their proposal, and like SSPRO said, I would get this closed fast!
  
  Best of Success!
  
  BAMZ
  
  [addsig]

• 
  TheShortSalePro3rd December, 2003

  You prepare a letter of intent (from the Seller/mortgagor to the Mortgagee) to accept the offer. Reference the Offer, or attach a copy to your Letter of Acceptance.
  
  It doesn't have to be long or involved. Just correctly indicate by what date you'll be sending your check....

• 
  HasSpoken3rd December, 2003

  Thanks all!
  
  So let me get this straight. Once I have the banks short pay in writing, I then send the bank a Letter of Intent. I am to attach a copy of the banks proposal with my Letter of Intent and send it to what person/department at the bank. Please forgive my ignorance.
  Thanks,
  Tim

• 
  jonesoe303rd December, 2003

  ....ask for the Loss Mitigation Dept or Workout Dept

• 
  TheShortSalePro3rd December, 2003

  You send the Letter of Intent to whoever signed the One Time Offer to accept less. Call that person on the phone and tell them to expect the Letter of Acceptance, and get that person's FAX #, too.
  
  Get on it before the Offer is retracted, or expires.

• 
  HasSpoken3rd December, 2003

  Hello all!
  
  I do apologize, but I dont want to screw this up. I am aware of how to flip the contract without my buyer knowing how much my fee was, but how do I do such a thing in a situation like this. My buyer has financing already lined up. Thanks, Tim

• 
  HasSpoken4th December, 2003

  Bump, pls help. Thanks, Tim

• 
  MrMike4th December, 2003

  Quote:
  On 2003-12-03 17:35, HasSpoken wrote:
  Thanks all!
  
  So let me get this straight. Once I have the banks short pay in writing, I then send the bank a Letter of Intent. I am to attach a copy of the banks proposal with my Letter of Intent and send it to what person/department at the bank. Please forgive my ignorance.
  Thanks,
  Tim
  
  
  Tim who sent the letter?
  
  I would think you just reply to them no?

• 
  HasSpoken4th December, 2003

  How do I flip the contract in a stituation like this? Thanks, Tim