How to Get out of a Jam by a Misguided Pre-foreclosure “Guru”
Posted by Patrick Precourt in Real EstateAug 7th, 2009 | one response
Unfortunately, there are “Guru’s” that seem to be popping up all over the place in our real estate industry (some good, some bad) that are giving totally conflicting information. Listen in as I talk about a way of undoing a Land Trust deal that a Coffee Breaker is trying to get out of due to many things that were taught wrong! I also cover how to build a buyers list if you are a brand-new investor, if you could avoid seasoning when selling to an FHA buyer, whether or not there is a way to get a foreclosing lender to change a short sale acceptance letter and much more. Visit www.FridayCoffeeBreak.com for more real estate specific videos.
One Response to “How to Get out of a Jam by a Misguided Pre-foreclosure “Guru””
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Pat, in regards to the BOA handling of 2nds – I have tried using Prom Notes as an alternative on every one I’ve had (4 so far)and their response has been, “we are not issuing promissory notes for less than the full balance without our recovery dept. performing their due diligence on the X-borrower’s ability to pay”. The amount they have required so far to give a settled account status has been too high to make the deal work. So we have been stuck using the lesser of evils approach of, “your shortfall balance will be bigger with a FC than a SS.”