GMAC Short Sale To Other Individual On Deed
I have a townhouse that I want to do a short sale on. I am the only one on the notes (1st and 2nd). However, there is a second person on the deed.
The individual who is not on the notes wants to take on the liability of the house and I will be done with the house. The townhouse is in S. Florida on the intercoastal the 1st mtg. is with GMAC (of whom will do a short sale). Under the presumption that a short sale is applicable, GMAC should be ok with this, right?
Your post is a little confusing.
You want to do a short sell with your co-owner (he is on the deed) as the buyer? Realize that the co-owner will have to come up with cash or a mortgage to payoff the 1st and the 2nd. But I do not see a reason why GMAC should care that the current co-owner would purchase the house from an approved short sell.
It sounds like perhaps the silent partner (individual on deed, but not on the notes) should be taken off of the deed prior to negotiating the short sale with GMAC (provided they are still interested in the townhouse with waiving the 2nd,...). This is the route to go.
JP
thank you L/O King, much appreciated!
They will absolutely short this deal. I have similar deal (also with FF) and it is a 1.1M mortgage. I am getting a discount payoff to 630K. First payment defaults are enormously damaging to a lender. They will do whatever it takes to get rid of the property before the lenders investors call for a buy back.
"They will absolutely short this deal."
I would replace the word "absolutely" with the word "likely" since every loan scenario may be different.
There are no absolutes in this industry.
do you control the deal in some way?
wholesaling, flip, finder is not going to happen w/ you having control
Yes, I have control in the way that I have a listing agreement. My corp then makes an offer. If the bank finds our offer to low. Then I still work the angle from the general public submiting retail or close to offers for the commision. Keeps us busy in this market change. Since our regular wholesaling business has slowed, and short sales phone calls are all to often these days. Oh what a joy it is to have a call with equity. Oh well the life of a bottom feeder!
Then maybe I was un clear on the part about my corp making an offer. By offer I mean we get a P&S agreement.