If you think too much is owed on the property and a short sale doesn't look like an option, it may still be an option. I want to share with you one of the most difficult short sales that I have had.
Here is one that I just completed sucessfully.
GMAC 1st Mortgage $465,000.00
GMAC 2nd Mortgage (different branch, with different investors) $120,000.00
plus fees, interest, costs, late mortgage payments, foreclosure sale costs, attorney fees, etc.
Contract for $400,000.00
4 months of negotiation, One foreclosure date put on hold while working with contract
Approved for: $400,000.00
1st Mortgage settled for $373,000.00
2nd Mortgage settled for $3,000.00
Settled and closed.
I thought I would share this one with you since it was one that the sellers had spoke to 2 other agents before me and both told them to foreclose, they have no chance in a short sale.
I guess third agent was a charm.