Investors & Licensed Agents: Understanding the preforeclosure market

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Home : Blogs : Tony Hodge : Investors & Licensed Agents: Understanding the preforeclosure market : Archives May, 2008

OMG now we are talking... National City YOU ROCK!!! - 05/18/08 07:11 PM

I couldn't believe the high level of professionalism and quick turnover time with a recent short sale negotiation from National City. In less than 3 weeks of recieving the package the mitigator faxed us a near unbelievable response letter.
This was a second mortgage of $100,000 and they settled at $8,000!!!
In brief the house was once appraised for $410,000 back in 2005. In 05 the owners refi'd to pull out $100K in cash. Meanwhile, they had a first mortgage through BOA for approx. $280K.
Today the home has dropped value but can sell at a quick sale price of $315K. We … (8 comments)

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Tony Hodge

Piscataway, NJ

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