Why do sellers have so much faith in banks offering remods
BP,
I have a guy that has a great property in an affluent Austin area however he is over a year behind and nearing the fatal court house sale. He is working on a loan remodification with his bank so that he can get a new start and continue to rent the property. I suggest that he owner finance to catch up on payments and fees cover closing and keep the property less the deed. The seller really doesn't want to sell the property because he hopes one day it could yield some great return, however my confidence in the bank granting him a loan remodification is very low. He's already tried it once before but they gave him the run around until he gave up. He wants to attempt it again but I want him to understand that with his credit all jacked up the banks are not really working in his favor.
The guy wants to use the owner finance as the last option and wants to rent it out now until he knows if the loan modification will go through, I think he is gambling on the wrong thing and will end up losing the house, leaving him nothing but a loss. Has anyone seen a remod work in the favor of the seller recently. I feel that when the current administration got in office and was trying to help homeowners more remods were accepted but in the past 2 years I haven't seen one homeowner have any success with that. Your thoughts?