Upside down seller mortgage assistance form from bank
Hi Everybody,
I have a seller who is severely upside down with the bank. He is on title for the property, however, is not on the mortgage. He is the main point of contact with the bank, and has had multiple conversations with them without the mortgage holder. Current mortgage holder doesn't want anything to do with the property. My seller received a "Request for Mortgage Assistance" from the first position lien holder. The plan is to request the bank to reduce the mortgage amount to 225K from 600K.
Do you think it'd be best to submit the form with or without a LOI for that amount?
Any constructive feedback will be helpful if you have any experience handling this lead.
And if you connect me to a good real estate attorney in Los Angeles, that'd be highly appreciated as well.
Owes 600k in mortgage, as-is value around 425K, ARV 510K