Posted by luke-NC on December 30, 2004 at 22:07:30:
check out the shortsalepro…sounds like you need a beginner course in short sales…
NEED HELP ON POSSIBLE PRE-FORCLOSURE, PLEASE - Posted by ou29
Posted by ou29 on December 29, 2004 at 22:34:20:
Hey all, Need all your opinions and advice.
Just ran into someone in beginning stages of trouble. 5 payments behind on mortgage which will begin foreclosure process on Jan. 1st if no payment received. House is appraised 1 year ago at $130K but sold to this owner for $115K. Current mortgage balance is $110K-$112K, $120K-$130K is pretty solid on the back side with the improvements made by the current owner. What are my options if any???
Short sale was the first thing that came to mind but I’ve never done one and don’t where to start. The owner is willing to give me the lenders name and number if I want to talk to them. Any other options out there? Any and all input is appreciated.
Experts out there?? - Posted by ou29
Posted by ou29 on December 30, 2004 at 15:17:30:
Please, somebody has to have some ideas on this one?
More info, Mortgage company says it will have to be listed with an agent since it is a Fannie Mae loan. Seller got an agent who is willing to let us do the deal between ourselves for a flat fee of $1000.