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Forget Short Sales. Ask for a Settlement!
I recently had a client who was in to process of being relocated.  He was upside down on his mortgage and had to do a short sale.  I told him it would be wise to contact his lenders to inform them of the situation.  When he did this, the lien holder on his second mortgage asked him if he would prefer to work out a settlement instead.  Not knowing exactly what this meant, he thought why not. 

Long story short, the bank came back and told him they would take 33 cents on the dollar and remove their interest in the home.  so he had to come up with the funds, but it allowed him to sell his home without a short sale and actually put a small amount of money in his pocket when it's all said and done.
I thought this can't be possible.  When does the bank agree to work with someone when they aren't already showing financial distress?  So having a second mortgage of my own, I thought it can't hurt to call.  I contacted my lender and told them I was requesting a 'Settlement' on my mortgage.  After a few brief questions, they sent out ... more

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