Posted by Natalie-VA on May 03, 2007 at 14:37:59:
I don’t think your lender is going to accept a reduced payoff and allow you to walk away with 10k.
If the place will really be worth 310k after 25k in fixup, you should be able to find an investor to will cash you out and give you at least 10k on top of what you owe.
–Natalie
Short Sale Question - Posted by ka1515
Posted by ka1515 on May 01, 2007 at 15:39:30:
I am in the process of losing an investment property. (Divorce, Etc) It’s a two family that needs 25K to fix up and it will be worth 310K. Im in it for a 152k 1st and a 43k 2nd mortgage. I’ve missed like 3 payments. I have a cash buyer that is willing to give me 10K if I walk from the property. (he will bring mortgages current and they will stay in my name for a determined period of time. 6 mos-1 year)
He came back today and asked it I will ask the back(s) to accept $175k. I said I would but my question is how do I protect the amount he owes me? have him sign a note? Any suggestions is appreciated.