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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Really is 69K Additional... Posted by SeanW on May 05, 2003 at 7:20 PM In Reply to: Re: Doesn't Sound Like A Short Sale posted by Gary-TX on May 05, 2003 at 6:53 PM : Sean, : Yes, that's right 30+ payments behind means lender will be foreclosing for $214K!! Why wouldn't : a lender take a short sale on a house that is $69K delinquent? Every time the lender forcloses, : it limits the amount he can loan out by 8 times, I was told. 8 x $214K=$1,712,000. Thats like : putting a hold on your credit card so you can't charge. : I know banks can take short sales, but will they take it for loan balance to get it off the books? : And how long do I have to get the funds? Or do I have time to flip the house? I'll bet it would : sell fast at $175K!! Well if that's the case, this must be an astounding bankruptcy mess. I don't see why the BK trustee didn't give up on this one long ago.... the borrowers nust have had a good attorney! Anyway, yeah, this could make sense as a short sale... from the bank's point of view. Whether it's still a good deal from your point of view is another matter. Ward cautions people to stay away from deals where you can't get a house below 80% of FMV. That's 176K in this case. You can always ask the lender to send you a "short sale package" (proposal forms) and give it a shot. They'll just say NO to you if they don't like it. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : Sean, : : Yes, that's right 30+ payments behind means lender will be foreclosing for $214K!! Why wouldn't : : a lender take a short sale on a house that is $69K delinquent? Every time the lender forcloses, : : it limits the amount he can loan out by 8 times, I was told. 8 x $214K=$1,712,000. Thats like : : putting a hold on your credit card so you can't charge. : : I know banks can take short sales, but will they take it for loan balance to get it off the books? : : And how long do I have to get the funds? Or do I have time to flip the house? I'll bet it would : : sell fast at $175K!! : Well if that's the case, this must be an astounding bankruptcy mess. I don't see why the BK trustee didn't give up on this one long ago.... the borrowers nust have had a good attorney! : Anyway, yeah, this could make sense as a short sale... from the bank's point of view. Whether it's still a good deal from your point of view is another matter. Ward cautions people to stay away from deals where you can't get a house below 80% of FMV. That's 176K in this case. : You can always ask the lender to send you a "short sale package" (proposal forms) and give it a shot. They'll just say NO to you if they don't like it. 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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