Short Sale Question Regarding Forebearance???
Is it possible to successfully attain a short sale if the owner has already worked out a forebearance w/the mortgage company? The previous person that I got the lead from tried to go the ss route and was shot down. The mortgage company then called the homeowner and told them that they had $150 left each month and they did not qualify for ss or reduced payment. Interestingly enuf, the wife lost her job due to medical reasons following the birth of 2nd child and is expecting 3rd child next month. The situation is grim for them as when the baby comes, there are new/added expenses + additional a/c costs due to summer in AZ. Does anyone have any suggestions?
I believe the fmv is between $163,000 to $169,000, they owe about $159,000, the house is in excellent condition (no real repairs that I could see as house is 2 yrs old - it does need a garage door opener). Am I missing any other information that you need to give good advise? They are 9 months behind for almost $20,000 and the first payment is due on the 15th. The mortgage co will allow them to roll the pymts to the end of the loan.
The mortgage co will allow them to roll the pymts to the end of the loan.
A standard criteria for short sale approval is that the mortgagors cannot cure the default, and the only option would be to sell...
It appears that the mortgagee's offer to help the mortgagor cure the default trumps the short sale.
If the mortgagor's financial health will continue to deteriorate, and keeping the loan current (following the reamortization) will be impossible...
I would appeal their decision and attempt to short.
[addsig]
With that said, would you just gather the required info for the ss package with a re-stated financial analysis for the homeowner? I am not sure if the homeowner told them ALL of their expenses such as gas (we're avg'g $2.15/gal), avg electric (including the summer months), new expenses due to addt'l diapers/wipes and formula (I believe they will have 2 in diapers at the same time). Just thinking about it, these items that I listed alone would eat up an extra $150/month.
Another question, what formula do you use to discount a house for ss when the house needs no repairs? The backyard was not done at all, it needs landscaping.
Quote:
On 2004-05-10 16:18, TheShortSalePro wrote:
The mortgage co will allow them to roll the pymts to the end of the loan.
A standard criteria for short sale approval is that the mortgagors cannot cure the default, and the only option would be to sell...
It appears that the mortgagee's offer to help the mortgagor cure the default trumps the short sale.
If the mortgagor's financial health will continue to deteriorate, and keeping the loan current (following the reamortization) will be impossible...
I would appeal their decision and attempt to short.
Anybody???
IMHO, it sounds to me that the prior short was just that---short..I have done examinations of failed shorts and been succesful trumping what was left out or missed..As I have learned from SSP, this board and limited exposure is that, along with what MR SSP above posts, a compelling hardship that can only end up in sale will be succesful..of course the numbers to the lender and your own business plan must work..I would ask for permission to submit a short and move right into your own proposal, knowing very little of the prior submission..
regards-pat
Thanks patricc68 that is promising.
I have to wait now to see if the homeowner will agree to the 2nd attempt @ ss. I think they are a bit skiddish at this point.
Debra
Quote:
On 2004-05-11 00:50, patricc68 wrote:
IMHO, it sounds to me that the prior short was just that---short..I have done examinations of failed shorts and been succesful trumping what was left out or missed..As I have learned from SSP, this board and limited exposure is that, along with what MR SSP above posts, a compelling hardship that can only end up in sale will be succesful..of course the numbers to the lender and your own business plan must work..I would ask for permission to submit a short and move right into your own proposal, knowing very little of the prior submission..
regards-pat