Moving But Not In Foreclosure
Just had an interesting phone call from a woman who is moving and not behind on payments. Equity is zero. I really don't want to do a sub-to.
Would it be crazy to think a bank would take a discount without being behind in payments?
Any thoughts on this case?
Jim
If the circumstances would otherwise qualify for short sale consideration... yes, the mortgagee would likely consider accepting less than having to go thru a foreclosure.
But, you would have to document the homeowner's involuntary hardship... and inability to keep the loan current in the future.
I'm currently working on a similar deal. I have a homeowner who is going through a divorce and is current on her mortgage payments. Instead of focusing on the fact the the homeowner was not behind I put the attention on the hardship and informed the lender that if something is not worked out the homeowner would really be in serious trouble and not be able to afford the mortgage payment on her current salary. The current mortgage is $122,356 and I submitted an offer of $96,890. I have not completed the deal but the BPO is coming out on Friday and this is a good indication that they will entertain my offer. Even if the bank counter offers I have enough cushion to make a profit. I think this approach will work in you situation also. Best wishes.