Foreclosure Question - Posted by BriannaOH

Posted by Bill Gatten on July 20, 1999 at 16:40:11:

Yes…if you catch them in time. However, the truth of the matter is that the person making the decision after the NOD is filed, way too often couldn’t care less, and is not willing to change its course of direction.

If the property hasn’t already been turned over to the REO Department, and a Realtor hasn’t already been commissioned to sell it, lenders will many times entertain an “Offer and Compromise (Short Sale)” in order to avoid placing the property into the Non-Performing Assets column of their Balance Sheet. Stockholders don’t like NPA’s as they show up as Liabilities not Assets… thereby watering down the banks stock value: resulting in a lowered Desirability Quotient for other would-be investors… the core source of Lendable Wampum (pardon the Indian talk there).

Bill

Foreclosure Question - Posted by BriannaOH

Posted by BriannaOH on July 20, 1999 at 09:21:17:

Are mortgage companies that have begun foreclosure proceedings on a property willing to take less than the mortgage owed to get rid of a property fast, if the owner also agrees? Any information on this would be appreciated. Thanks in advance