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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Negotiating reinstatement Posted by Jorge on April 18, 2003 at 9:45 AM In Reply to: Negotiating reinstatement posted by Rudy on April 17, 2003 at 1:16 PM Rudy. It is posible to negotiate with the bank. I would get a Deed from the owner for nothing via EPA in a THT's name and hold without recording. Would help the seller to negotiate with the bank to accept less then 30K for reinstatement and agree with seller to split that amount ( if forgiven) in the mean time while negotiation he can live in the property for free. Most likely, if the bank want to accept less the 30K to reinstate, will want the difference in payments or at the end of the loan. Then would be up to you to decide what to do with the unrecorded deed. a) record and reinstate, you own a house b) record and wait for the sale. ( if no Jr liens you migth end up with overbid $$)Be aware that by recording you have prevented the seller to temporarely keep the house via bk. c)give the deed back to seller and move on the a better deal. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Rudy. : It is posible to negotiate with the bank. I would get a Deed : from the owner for nothing via EPA in a THT's name and hold : without recording. Would help the seller to negotiate with the : bank to accept less then 30K for reinstatement and agree with : seller to split that amount ( if forgiven) in the mean time while : negotiation he can live in the property for free. Most likely, if the bank : want to accept less the 30K to reinstate, will want : the difference in payments or at the end of the loan. : Then would be up to you to decide what to do with the unrecorded : deed. a) record and reinstate, you own a house b) record and wait for the sale. : ( if no Jr liens you migth end up with overbid $$)Be aware that by recording you : have prevented the seller to temporarely keep the house via bk. c)give the deed back : to seller and move on the a better deal. : 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

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