Posted by MN~Chicago on September 30, 1999 at 10:52:34:
Alexis:
I love your name.
In general, lenders are not the most cooperative
when it comes to discounting. You might want to
strike while the iron is hot, and talk to the
lender to see what they would consider doing for
you.
The best way is person-to-person, if that is
possible. Mention you know they already took
a discount on the other property, and while
it may or may not make a difference to them,
as they go under, it would make a substantial
difference to you…in more tactical terms.
Lender on second is in foreclosure. We own house which was deeded to us, both 1st and 2nd are current. What approach can we use with lender to buy note at a discount–we know that they recently took pennies on the dollar in another deal? Property is at top of market–others selling for less, but with less sq. ftage. and not custom. Thanks
Posted by MN~Chicago on September 29, 1999 at 16:08:46:
My understanding is that the lienholder
on your second is in foreclosure on an
unrelated property.
If that is the case, you decide how much
cash you want to offer to help someone
out in a jam, and to benefit yourself
in the process.
BUT, why stop there? Go a little further
and see what HIS situation is. There may
be more opportunity in addressing his
situation more fully. If he has property
under foreclosure, maybe you can step in
somehow.
Wouldn’t hurt to look. May even be
educational and profitable. As John
says, money is made in solving problems.
After you get yout discount, put on a
problem-solving hat and change your focus.
Thanks Michael—Actually, the lender is in bankruptcy–they are going under. On the other property, they have accepted a huge discount on the second. On the property we are marketing, they hold a second which we have current (along with the first)
so in their compromised situation, I was wondering would they be open to negotiations on a performing note and if you have had this kind of discussion with a lender.