Short Sale In 2 Weeks
Just talked to owner who is being foreclosed on in two weeks. Here are the numbers:
70k 1st with Chase
7K 2nd with EMC
FMV = 87K
6 Months behind in payments on both.
He agreed to meet with me tomorrow morning to sign an authorization to release info. Is there any way to approach this with such time constraints to attempt a short sale on this property? Is there another method I could use?
By the way, the 1st is the one foreclosing
Two weeks is not a lot of time if you need to do a short sale. I would ask the lender if they would be willing to delay the auction date.. If you don't have to do a short sale and are able to just payoff the loan because they have alot of equity you should be able to get it done.what are the details?
There is only 10k of equity in the property. The property is in really good condition, but without doing a short sale, I don't think it's worth it. Any ideas???
What I would do is call the lender see if they would delay the sale. Also find out how much it would cost to bring the loan current in terms of payments past due. If they will accept your short sale offer and provide you with written notice. You can then make arrangements to pay the back payments to stop the foreclosure if they will not delay the sale any other way.
nathan