Dallas-Fort Worth Real Estate Investor Club

What would you do in this case?

  • 29 Nov 2012 3:33 PM
    Quote
    Message # 1148954
    Tim Cook

    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
  • 30 Nov 2012 1:13 AM
    Quote
    Reply # 1149282 on 1148954
    Dwayne Modisette
      What area are they in? As far as an attorney: Jim Bearden - 2404 Roosevelt Drive Arlington, TX 76016 (817) 261-7027.  Jim is a great guy and one of the very few honest attorneys out there. Of 64 law offices in the Dallas/Fort Worth area I have tried working with, he is the only one that has really impressed me.
      Even being a smaller lender, a short sale may still be worth bringing up. A smaller lender has more to lose than the big guys. A few foreclosures won't hurt major lenders too much, they can afford it if that's what it comes to. The lender will often times come out better allowing a short sale over foreclosure. And with a smaller lender, it may be easier to get them to see that.
  • 30 Nov 2012 1:20 AM
    Quote
    Reply # 1149284 on 1148954
    Deleted user

    Tim you might do a historic BPO on the property before the owners see an attorney. I am doing more and more historic BPOs for mortgage companies and it seem many of the transactions I am looking at are from 2007. I am finding that most of them did in fact comp out at the sale price in 2007. It sounds like the mortgage company doesn’t want to work out anything with these buyers.
    Good Luck!
    Rick
  • 30 Nov 2012 5:44 PM
    Quote
    Reply # 1149774 on 1148954
    Cindy Fulton-Pair
    Sorry to report that Mr Jim Bearden passed away last year in Nov due to pancreatic cancer. His company is still there and perhaps someone there is carrying on his work.
Powered by Wild Apricot Membership Software