Forebearance agreement, short sale, or both? - Posted by Ben

Posted by TSSPro on December 07, 2005 at 07:49:49:

It is the mortgagor who makes the formal application for short sale consideration. You, the speculative investor, should assist in that process. If you are the named purchaser, and the mortgagee has the authorization to communicate/negotiate with you, there shouldn’t be a problem.

Forebearance agreement, short sale, or both? - Posted by Ben

Posted by Ben on December 06, 2005 at 23:06:14:

I’m just learing about foreclosures, and trying to do short sales. From what I understand, you can try to arrange a forebearance agreement to pay the back payments over time or even roll them back into the loan. The lender wouldn’t be to cooperative if he knew you were an investor, and you were going to buy this property subject to, or another way, so I’d say I was just the sellers friend helping him/her out. What do you do if they won’t do a forebearance agreement and you want to try for a short sale, just call them up and say “now I’m an investor and will you short sale this property”? They’ll probably recognize you and not want to work with you since you just told them you were a friend helping the seller. Now I’m not trying to be sneaky or unethical, and correct me if I’m wrong, but isn’t this how things would have to get handled? Thanks.

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Re: Forebearance agreement, short sale, or both? - Posted by Tommy

Posted by Tommy on December 10, 2005 at 18:35:48:

I always let the mortgage company know that I am an investor upfront and I have never had a problem with the short sale because of investor status. I even enter the name of my LLC as buyer and there is no problem. Always state your intensions upfront…it helps to eleminate future problems.

Tommy