Replies to This Discussion

Permalink Reply by Mike Linkenauger on December 13, 2010 at 3:17pm

I have done it before with a small regional bank when they foreclosed on a many sub prime loans from hard money deals a couple years ago.  I had short sold one of them in this local portfolio, and they wanted me to list several others as they foreclosed on them.

Its a shame the lender spent all the the extra money on legal fees and other costs to go through with foreclosure, instead of just cooperating and allowing you to do your thing and sell it as a short sale...

• ▶ Reply

Permalink Reply by Christina Simmons, CSSG,SFR,ABR on December 13, 2010 at 8:43pm

Thanks for the quick reply Mike! The lender actually wanted to work something  out, but it was the 2nd lien holder who wanted 20% would not budge..this is with agent, buyer pulling resources together and it was still not satisfactory to 2nd.. .

• ▶ Reply

Permalink Reply by Joseph C. Alfe on December 15, 2010 at 12:26pm

It's quite possible the lender foreclosed to blow out the second, and that they still want your deal.  I have had this happen with small local banks and on commercial short sales.

• ▶ Reply

Permalink Reply by Kevin - Greenville, SC on December 21, 2010 at 10:28pm

nope.

• ▶ Reply

Permalink Reply by Vanessa Calhoun on December 23, 2010 at 9:52am

Just a thought....how does your client feel about this?

• ▶ Reply