Fellow transaction engineers,
I need to pull from your wealth of knowledge and experience on this one and see what you recommend. Here's the scenario.
Home built in 2007
Bal is 150K
Monthly PITI $1150
AVG SOLDS is 101K
TAD 104K
Brand new homes selling for 120 to 130
Small lender called Fay Servicing
seller in default 3 months for a total of about 3,500
tried a loan mod and was denied due to income
they say they tried to pay "in full" when they were 2 months behind and were denied, they say
How would you proceed? I don't think it's a good candiate for short sale being a small lender.
A mortgage forensic audit may be a good choice.
I would normally take it with an option and put an owner finance buyer in it but not with this being so far under water.
My gut feel is they are victim of mortgage fraud and maybe need to speak to an attorney.
Any other recommendations out there?
Thanks a bunch.
Tim