Two Scenarios
I have one scenario, I do not see any way to work this deal, except perhaps greatly haggling this loan but here it goes:
FMV: $120k give or take 10k.
Mtg: $164k!!!!!!!!!!!!!!!!!!!
I am a real estate agent, we were calling on properties to either get the seller to list and/or buy for cash. I saw that they had a 164k mortgage but i swore i was looking at the wrong person!
Secondly:
FMV: upper $80's
First: 56k
Second: 16k
I hear its common to even get a short sale with a listed property, although I have yet to do one. If I can get these people to list, and get an offer that is a bit below their payoff, I think the bank will still take it, even if I do not "haggle" with the second, it will be done automatically? I do not see why not, considering that listing a property and getting a buyer to pay X amount is the best way to tell market value!
Thanks,
Chase
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