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Permalink Reply by Mike Linkenauger on November 6, 2010 at 10:28am

They do it because they have nothing to loose. They have to pay out the insured amount of the loan even if it goes to foreclosure, so it doesn't matter to them if it forecloses or not. Its a messed us situation, but you're seller probably doesn't have a choice. The good news is that it is unsecured debt, and is typically settled for pennies on the dollar if collected on at all.

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Permalink Reply by Mike Linkenauger on November 6, 2010 at 7:20pm

And an old real estate saying always holds true, everything is negotiable...

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Permalink Reply by Joseph C. Alfe on November 6, 2010 at 12:52pm

Do they want the 40K in cash or a note? Is it in addition to the 10K?

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Permalink Reply by Edward Depp on September 13, 2011 at 6:12am

Well that's too much. But you better tell this to a lawyer.

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Permalink Reply by Smitty on September 13, 2011 at 9:28pm

Negotiate Negotiate... How much money does the seller have?  Most likely they think the seller has some or can put up that money.  Counter the offer.  Tell them the seller will do a $40,000 note or $15,000 cash at closing.  You have to keep pushing.

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