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Member You - How To Deal With Two Mortgages in Short Sales
I once had a sales manager whose idea of giving us leads was to throw a phone book at us and say, "Start calling!"He didn't care whether the people we were calling had any interest in what we were selling. He just wanted us on the phone pitching the product.Thankfully this type of cold calling is becoming a thing of the past. I call it "blind" cold calling because it is completely
Once it looks like the first mortgagor is going to accept a discount, start negotiating with the second mortgagor. If the first is taking much of a loss on the mortgage, the second m
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On homes under $130,000, the first mortgage is typically higher than the second mortgage and usually the total value of the home. So the best place to start is with the first mortgage. The second often won’t negotiate until they see that the first mortgagor has taken a discount first.
Prepare all the reasons why the bank should take a discount: repairs, pictures, crime in the area, long days on market when it is time to resell, commercial or industrial buildings in the area, environmental problems, leaking septic, and any other reason why the bank won’t get the amount of money loaned back at the sheriff sale or when it gets listed and sold by a realtor.
Once it looks like the first mortgagor is going to accept a discount, start negotiating with the second mortgagor. If the first is taking much of a loss on the mortgage, the second m
Regardless of what type of commodity you invest in, you should always go into that investment with an exit strategy: that is, how and when you will sell your investment and take your profit. In this article, we'll be looking at exit strategies as they relate to real estate investments.As a real estate investor, you'll constantly need to be aware of the economy in your area, the job situat
Prepare all the reasons why the bank should take a discount: repairs, pictures, crime in the area, long days on market when it is time to resell, commercial or industrial buildings in the area, environmental problems, leaking septic, and any other reason why the bank won’t get the amount of money loaned back at the sheriff sale or when it gets listed and sold by a realtor.
Once it looks like the first mortgagor is going to accept a discount, start negotiating with the second mortgagor. If the first is taking much of a loss on the mortgage, the second m
If you are facing a severe financial crisis and mounting debts have made your life difficult, you must be looking out for some debt consolidation services. But, what if you are also suffering from a bad credit history? Well, even in that case, you can go for the debt consolidation loan, but you must be very careful while choosing the right debt consolidation company. The right debt consolidation
Prepare all the reasons why the bank should take a discount: repairs, pictures, crime in the area, long days on market when it is time to resell, commercial or industrial buildings in the area, environmental problems, leaking septic, and any other reason why the bank won’t get the amount of money loaned back at the sheriff sale or when it gets listed and sold by a realtor.
Once it looks like the first mortgagor is going to accept a discount, start negotiating with the second mortgagor. If the first is taking much of a loss on the mortgage, the second m
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Once it looks like the first mortgagor is going to accept a discount, start negotiating with the second mortgagor. If the first is taking much of a loss on the mortgage, the second m
About four years ago a friend told me one night that she had an interview the next week and was looking for some comfort as she was extremely nervous, as most people are about interviews. I thought back on my my carreer and realized that in the nine year of my career I had been to thirteen interviews and, more importantly, that I had received a job offer from every one of those interviews. I did
Once it looks like the first mortgagor is going to accept a discount, start negotiating with the second mortgagor. If the first is taking much of a loss on the mortgage, the second mortgagor won’t get anything from the sale and they know that.
When the amount owed on the second mortgage is anywhere from $10,000 to $30,000, start by offering $500 or $1000 as a full payoff. Then negotiate from there. A 10% final payoff on the second mortgage is a great place to end up. Remember to provide as much data as possible regarding repairs that need to be done on the house to prove that it is worth less than the amount owed.
On a higher end home, keep in mind that the first mortgager is likely to receive close to 90%-100% of the money owed them. So focus on the deep discount with the second mortgage to help cover the costs of the first. ALWAYS ask for a discount on the first. The worse they can tell you is no.
On occasion, the first and second mortgages could equal approxima
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