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Updated over 5 years ago on . Most recent reply

Jacob Kline's profile image
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Jacob Kline
  • Rental Property Investor
  • from St Augustine, FL
  • Member since Jul 18, 2019
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Jacob Kline's profile image
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Jacob Kline
  • Rental Property Investor
  • from St Augustine, FL
  • Member since Jul 18, 2019
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Jacob Kline
  • Rental Property Investor
  • St Augustine, FL
47
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Wholesaling

Negotiating with lender for balance decrease?

Jacob Kline
  • Rental Property Investor
  • St Augustine, FL
Posted

If I have a contract on a property is it possible to go to the lender and negotiate the balance down for a cash payoff?

The note is incurring daily interest, property is in bad shape, and lender would most likely have to evict people currently living there- possible negotiation points?

Anyone have experience doing this?

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Brett Goldsmith
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  • from Los Angeles, CA
  • Member since Sep 19, 2012
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Brett Goldsmith
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  • from Los Angeles, CA
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Brett Goldsmith
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Brett Goldsmith
  • Investor
  • Los Angeles, CA
Replied

If the home has equity a short pay is likely not possible. If the house is upside down then it may be possible depending on account and borrower circumstances. 

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