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Kevin1loan
137 Posts |
 Posted - 10/05/2008 : 3:30:53 PM
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Hi All,
I'm trying to help this guy out as he just needs a break...
He was out of work for 4 months (now gainfully employed) and got behind 3 months on his payments...
He just cashed out his 401k (was waiting on the money to pay the past due amount)
When contacting the lender they stated that they started foreclosure on the 26th of last month??? ughhhhhhhhhhhh
If the lender takes the home it's a lose lose for everyone as the area he is in has become foreclosure central....
Kicker is, he called the lender and said,"hey i have 3 payments for you guys and they responded well if you send them too us, we'll just send them back????"
He WANTS to keep his home???
anyone??? |
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homebroker@sbcgl
3435 Posts |
Posted - 10/05/2008 : 6:21:45 PM
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| I know an attorney that may help, its not a mortgage modification, not sure of he works outside of CA? |
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katroberts
1200 Posts |
Posted - 10/05/2008 : 6:37:36 PM
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| Suggest an attorney |
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orlando110
64 Posts |
Posted - 10/12/2008 : 11:09:33 PM
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| they will need the three payments, plus legal fees and advertisement costs. It most likely is already with lawyor. Most will stop foreclosure if he can get the money. Who is it with? |
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brokergirl529
2 Posts |
Posted - 10/13/2008 : 08:13:06 AM
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| My company is an Attorney based company that will not ask for 3 payments. We have been in business since 1992. We help our brokers/realtors to help their borrowers to modify! Legally! Feel free to contact me for more information 727-869-9200 |
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Captain Mortgage
1721 Posts |
Posted - 10/13/2008 : 09:35:49 AM
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| It sounds like there are additional late fees, attorney fees, and foreclosure fees. He needs to call and ask them how much the total is to bring his loan current. Then pay that amount. |
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brokergirl529
2 Posts |
Posted - 10/13/2008 : 09:40:40 AM
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| He needs to modify! Call me for the information! |
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JoefromPhilly
655 Posts |
Posted - 10/13/2008 : 09:59:06 AM
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This guy is in trouble for being behind just 3 payments? My ex has an 80/20 mortgage for $220,000 total. She has made just one payment on the first since May's payment, and none on the second since May's payment. She has gone through the counseling program for the first mortgage and was given a payment plan, which of course she won't be able to pay. But on the second, even though she has received phone calls, there has been no action taken on the property. 5 payments have not been made in a row.
The original lender was the old AB Conduit.
- Joe |
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velecico
3935 Posts |
Posted - 10/13/2008 : 5:57:30 PM
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quote:
Originally posted by JoefromPhilly
This guy is in trouble for being behind just 3 payments? My ex has an 80/20 mortgage for $220,000 total. She has made just one payment on the first since May's payment, and none on the second since May's payment. She has gone through the counseling program for the first mortgage and was given a payment plan, which of course she won't be able to pay. But on the second, even though she has received phone calls, there has been no action taken on the property. 5 payments have not been made in a row.
The original lender was the old AB Conduit.
- Joe
Joe ,
The second will not foreclose since they would have to pay off the first , so they will never start spending money on legal action , the will just keep accumulating interest on the debt , she is actuallty in a good position to negotiate a short pay off with the first , perhaps even .50 cents on the dollar , if the first agrees , the second would get $1000 to release the lien , under that scenario , you may consider an option contract , you try to find an end buyer for more money and pocket the difference , as long as all parties disclosed its prefectly legal and a great way to make money in this market |
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cblaskoski
547 Posts |
Posted - 10/13/2008 : 6:10:19 PM
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| How does one negotiate a short payoff of .50 on the dollar with a first lender? Any insight into that? Have you actually done that before? |
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cblaskoski
547 Posts |
Posted - 10/13/2008 : 7:45:42 PM
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i love how no one responds to real questions when they start saying they are reducing principle balances.
"Hey you should just tell the lender they can write off half of the mortgage so the people can affor it."
"How do i do that!?"
... crickets
same thing every time |
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velecico
3935 Posts |
Posted - 11/03/2008 : 06:37:14 AM
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| You answered your own question , but I would start with 2 BPOs of the property , the owners financials to show that the situation that has caused the hardship IS NOT TEMP. and I also include an inspection report if the property is in need of re hab to bring it back on the market , these are some of the reasons the first lender MAY consider taking .50 cents on the dollar , especially if your loan is an 80/20 , the second could play spolier , but then again , they may be happy getting $2000-$3000 |
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velecico
3935 Posts |
Posted - 11/03/2008 : 06:42:08 AM
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quote:
Originally posted by velecico
You answered your own question , but I would start with 2 BPOs of the property , the owners financials to show that the situation that has caused the hardship IS NOT TEMP. and I also include an inspection report if the property is in need of re hab to bring it back on the market , these are some of the reasons the first lender MAY consider taking .50 cents on the dollar , especially if your loan is an 80/20 , the second could play spolier , but then again , they may be happy getting $2000-$3000 , its inportant to use a third party , pay a lawyer a few bucks and have him/her negotiate for you
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