What Do I Need To Do A Short Sale
The homeowner is several months behind on the mortgage due to illness. He does not care about the property. The Lis Pendens was filed and the foreclosure in underway. About $46K is owed on the property. It is a home very small built in the 40s. It is termit infested, needs rewiring, re-plumbing, etc. It needs new everything so truly the best thing to do is to demolish and use the lot.
I want to make the bank an offer but am not sure how to go about doing it if the homeowner cannot cooperate much and the house is a loss.
Any help is appreciated.
without mortgagor cooperation you could seek to purchase the mortgage using much the same technique as you would to devise a short sale proposal... except you would be negotiating to purchase paper, not stix and brix. If you are successful in purchasing the mortgage (via assignment) you can foreclose.
Thanks Shortsale. WIll try that