Upside Down Mortgage

Posts Tagged ‘sales’

Loss Mitigation Short Sales

Question: Confused about selling a home for less than our mortgage amount?

We owe $35M on a rental property that we purchased for $40M a few years ago. The area in which the property is located has gone down the toilet for the past few years and the home is now worth around $15-$17M. We received an offer of $15M for the home and we need to take it. We can't keep a tenant in the property any longer because of the crime rate. The property has been robbed/vandalized 3 times already. We contacted our mortgage company to see if we could pay them the $15M from the closing, but then get an unsecured loan from them to continue paying the balance. The immediately sent us to the loss mitigations dept and started talking short sale. I didn't even know what that meant until I googled it online. If we were not asking them to write off/forgive the balance, why are they talking short sale? If they can't lend us the balance, unsecured, why didn't they just say so and hope that we could get an unsecured loan elsewhere? I'm so confused...

Answer: For them to approve a relase of the lien and to convert the loan from a secured mortgage to an unsecured note they'll need to get an approval. It is a short payoff to release the lien, even if you are paying off the remainder, so the loss mitigation department is the logical department to handle it.

Most short sales they do forgive the remainder but on some they take a note, and you fall into the latter group. Just cooperate with them and you'll be fine.

Good luck.

Loss Mitigation and Short Sale Secrets

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Mortgage Fraud Cash Back

Question: Should tax payers or natural mothers have "empathy" for the thousands of Aps....?

that are now losing their homes and trying to file for bankruptcy because they irresponsibly took out second mortgages and juggled cash advances from credit cards so they could get a baby?

How were they allowed to adopt with the strict international guidelines many Aps on here claim prevent this.

Did these Aps commit fraud by lying?

How is this giving a child a better life?

Answer: No, I don't pity them. I believe that when they made the decision to adopt someone else's infant, they were saying that they were better off financially, emotionally, physically and in every way than the single mother whose child they desired. Because they deemed themselves better than Nature to decide this, they will be held to the higher standard they claimed for themselves They are not the same as a natural family, because they claimed to be better than the natural family Nature intended that infant to be born to.

Ian Watt Vancouver Condo Mortgage Fraud Cash Back Scam

Loss Mitigation Services

Question: Is Loss Mitigation Services A Scam?

I was researched some articles about loss mitigation services. So far, it seems like a asset, but I'm still concerned about the third party company. Has anyone got scammed by this company or can anyone provide reliable information about it?

Answer: Generally they don't do anything you couldn't easily do for yourself and they charge you a lot of money to do it.

It may not be a scam, per se, but it certainly a very, VERY overpriced service.

good luck!

LOSS MITIGATION SERVICES ORLANDO FLORIDA