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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Motivating lenders to deal... Posted by Ward-CA- on February 16, 2004 at 9:22 PM In Reply to: Emergency Filing posted by Camille Calenda on February 16, 2004 at 6:15 PM : Hi Ward- : Thanks for your answers to my trust questions! Two more questions for you.... : 1. We just met with a seller and their trustees sale is in 6 days and the property is 100% financed. I'm wondering if I could do a Ch. 13 emergency filing to postpone the sale and still do a short sale with the bank. Does a Ch. 13 ruin the short sale in the banks eyes? : 2. I’ve skip traced a seller and have called all his relatives and sent him mail to several addresses and I still can’t get a hold of him. I called the bank and told them I wanted to buy the defaulted note and they said they can’t sell the note unless there is authorization from the seller. I told them he’s gone and they said that I can only bid at auction. Should I have asked differently or called a specific department? : Thank you!! : Camille :) ==================== Camille, #1. The bankruptcy filing should actually motivate the bank more to agree to a short sale. The sooner they get out of this deal the less money they will continue to lose. #2. Banks are notorious in not selling their loans to individuals. They will sell to LLC’s, corporations, etc. but not to individuals. So to succeed in this arena you’ll need to create a legal, but fictitious entity with a name like West Coast Mitigation Resolutions, LLC Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi Ward- : : Thanks for your answers to my trust questions! Two more questions for you.... : : 1. We just met with a seller and their trustees sale is in 6 days and the property is 100% financed. I'm wondering if I could do a Ch. 13 emergency filing to postpone the sale and still do a short sale with the bank. Does a Ch. 13 ruin the short sale in the banks eyes? : : 2. I’ve skip traced a seller and have called all his relatives and sent him mail to several addresses and I still can’t get a hold of him. I called the bank and told them I wanted to buy the defaulted note and they said they can’t sell the note unless there is authorization from the seller. I told them he’s gone and they said that I can only bid at auction. Should I have asked differently or called a specific department? : : Thank you!! : : Camille :) : ==================== : Camille, : #1. The bankruptcy filing should actually motivate the bank more to agree to a short sale. The sooner they get out of this deal the less money they will continue to lose. : #2. Banks are notorious in not selling their loans to individuals. They will sell to LLC’s, corporations, etc. but not to individuals. So to succeed in this arena you’ll need to create a legal, but fictitious entity with a name like West Coast Mitigation Resolutions, LLC : : Hope this helps. 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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