Posted by Peter_MD on November 21, 2002 at 13:06:17:
I’ll try my hand at the answers to your questions.
The lender may very well request the signature of the ex husband. Be honest with them and tell them the truth that he is difficult to find and leave it at that. If they require his signature, you’ll just have to tell them that it will take much longer to accomplish that task.
I would suggest you go ahead and prepare a complete package showing the owners/sellers getting absolutely nothing. Take many color photographs of the condition of the property to justify the repairs, replacements, and maintenance needed.
When you submit the completed package, put down an amount that you are willing to pay to retire the loan. If the amount does not cause you to blush when you talk about it, in my opinion, you are offering too much.
Stick to your guns. Don’t be tempted to offer any more?not even a dollar. They want to get rid of this non performing loan, but are going to make you play their game called the waiting game…and they want to see you blink first. They are attempting to determine your motivation for wanting the property.
Do other deals after you have submitted the package because it could take two days, two weeks, or two months. Don’t be tempted to think about it. When you least expect it, you will get your answer.
Do not, by any means, concern yourself with trying to salvage the owners/sellers credit. It is already trashed. Just tell them honestly that, if this goes through, at least a foreclosure will not show up in their credit report, however, emphasize to them that they will now need to rebuild their credit and it may take some time to get the late payments to disappear from the reports.
I wish you luck?it is a challenge?and definitely not for the weak at heart.
You can do it?just be patient and understanding and remember to stay in control 100% of the time or pick up your toys and move on.
Just the way I see this situation?