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You didn't answer the questions. Would you respond the same if he owed you $245K (tell him to walk away from what he owes you). It's pretty easy from across the country to advise someone to walk away when it's not your money at risk. If it was your money the first time, are you going to loan to him again in one year? If you did decide to loan to him, are you going to give him a 5% rate, or more like 8%-10% because of what he has done in the past.
Here is some important information you may want to know about regarding short sales and foreclosures. [SIZE=2][/SIZE][SIZE=2]Buyer Beware, Title Defects Plague Foreclosures and Short Sales[/SIZE] [SIZE=1]George Mantor - The Associates Financial Group[/SIZE][SIZE=2]
Agents involved in foreclosures and short sales may need to begin to disclose the possibility of serious defects in title associated with these types of lender controlled sales.
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Last edited by scirocco22; 03-10-2010 at 09:07 AM..
IMO, Osama Obama gave our tax money to the banks that are 80% responsibl;e for this mess. Now the banks that took our money should be forced to give loan mods so that people can keep their homes. We're sheep.
someone explain to me why banks won't lower the principal to what the houses are worth now? I mean, they'd rather take the foreclosure and try to sell it... for the same price that they could have modified the original loan to??? WHAT AM I MISSING HERE??
someone explain to me why banks won't lower the principal to what the houses are worth now? I mean, they'd rather take the foreclosure and try to sell it... for the same price that they could have modified the original loan to??? WHAT AM I MISSING HERE??
If they start doing it as a matter of course everybody wants in and the lenders eat the whole decline. As it is now a very large part of the population will try to ride it through.
They are trying to keep getting out from underneath painful...
someone explain to me why banks won't lower the principal to what the houses are worth now? I mean, they'd rather take the foreclosure and try to sell it... for the same price that they could have modified the original loan to??? WHAT AM I MISSING HERE??
My buddy back in Phoenix managed to do it. I thought he short sold it, but this is what he actually did. He bought the house for $225,000 back in 2005. He told me he had to purposely be late for 3 months, but he got the house refinanced for $129,000 back in 2008. The house kept declining rapidly after that all the way down to $86,000. He tried to refinance again but they totally refused. He walked away from the house, and recently bought a much nicer house for $96,000.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,750,914 times
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Quote:
Originally Posted by bledsoe3
You didn't answer the questions. Would you respond the same if he owed you $245K (tell him to walk away from what he owes you). It's pretty easy from across the country to advise someone to walk away when it's not your money at risk. If it was your money the first time, are you going to loan to him again in one year? If you did decide to loan to him, are you going to give him a 5% rate, or more like 8%-10% because of what he has done in the past.
It is my money in a way since the Fed backs virtually every mortgage in the country. If he owed me the money, I would try to work something out with him on reasonable terms. If that means I have to eat some principal so be it.
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Are we walkin' or talkin'?
