How to wholesale a up side down mortgage? Help

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Ozzy Sirimsi · Answer

We recently did a short sale whole process took 6.5 months. If  the bank is responsive, and   short sale attorney  knows what he is doing, it should not be that la year.

I think you should definitely try.

It is all about numbers, how much he owes, current condition, current market price etc...

Nick C. · Answer

Mortgage fraud? You mean he paid too much for the house? It's unfortunately but I don't think that's fraud, the bank gave him a loan.

From here his only option is a short sale. There's no guarantee it will work, but it's worth a shot.

Minna Reid · Answer

A short sale done by a professional should take a few months - not 6 or 12, unless there has been a major complication. A short sale would also be the only way to sell upside down property to another party at market value and avoid a foreclosure.

Caleb Heimsoth · Answer

sure you can try that but the bank would have to agree to r which in today’s economic environment is unlikely

Brett Goldsmith · Answer

You can't assign contracts on a short sale. Sounds like a standard short sale transaction if his home is upside down and if he wants to sell.

You are referring to a period of time when predatory loans were more rampant. This wouldn't play a role in the short sale.

Andy Mirza · Answer

@Alex Gambrill Doesn't sound like fraud from what you've said. If there was any genuine fraud, the borrower should have definitive proof of this and can find remedy through the legal system, if there was any.

The other thing your neighbor could do is to request a loan modification, if that would change his mind regarding letting the property go. Maybe if he has a lower payment or some principal foregiveness, he might hang on to the property.

Caleb Heimsoth · Answer

Let me rephrase.  If they do agree it’ll take around a year most likely to get that short sale set up.

And no I don’t.  Good luck

How to wholesale a up side down mortgage? Help

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