Posted by Brent_IL on January 11, 2003 at 18:15:48:
Commercial lenders may have bizarre agendas of their own, but they usually can not be bluffed. If they think that they will be wiped out, they will deal.
I guess my question is why would you want their upside down loan?If I had a $125K first for which I paid $60K, I’d be overjoyed if the second wanted to foreclose. Saves the $2,000 on repairs, too.
How do I handle this? - Posted by ct
Posted by ct on January 11, 2003 at 15:23:43:
The bank has agreed to a short sale to close by the 15th,the title came with a 2nd mort. of 15k the 2nd is held by citifinancial.Has anyone ever delt with them?Here are the stats 105k arv, contract with the 1st for 60k,repairs 2k,2nd mort 15k, This house is obviously in foreclosure but the kicker I’m trying to convince the 2nd of is that the lady owes 126k on the first so they’ll be wiped out at the sell.I’ve offered 1k for a release what else should I do ?Does anyone have a contact there?THANKS,CT