Grandpa Ward and new granddaughter, Helen

InnoVest Resource Management's

Foreclosure Forum

Home

Discussion Board

"Hands-On" Training

Title Holding Trust

Speaking Schedule

Store

Foreclosure Codes

50 State Resource Data

Foreclosure Glossary

Foreclosure Statistics

60+ Yrs Interest Rates

Fillable Forms

Archived Articles

Dingbat Retirement Plan

Links

Contact / Map

Home

 

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ]

Re: Negotiating reinstatement

Posted by SeanW on April 17, 2003 at 5:34 PM

In Reply to: Negotiating reinstatement posted by Rudy on April 17, 2003 at 1:16 PM

I guess it's bad form to keep jumping in before Ward, but to me, your question doesn't fit together.

If it's a preforeclosure sale, the reinstatement would be for the senior deed of trust, right? I didn't think any "negotiation" takes place. If anything, you don't want the lender to be tipped off that you're trying to do a subject-to... You'd just slip them the 30K.

So I'll assume this is a rare case where the lender is amenable to the subject-to.

The only way it makes sense to me to negotiate, is if the house is such a mess (documentable with photos) that you can scare the lender's REO department and make this a short sale. Convince the lender they REALLY don't want this one.

Anyway, if the lender has a clue and the house has equity, I would assume they'll turn down your offer. You might get them to back off on the penalties and just accept the back payments of principal and interest if you're a good credit risk. But I see no reason why they'd accept less then the note should have payed.


Follow Ups:


Post a Followup:

Name    : 
E-Mail  : 
Subject : 
Comments: Optional Link URL: Link Title: Optional Image URL:


[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ]

WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455

[an error occurred while processing this directive]