Victoria
Although the co-worker is an idiot, the only thing you can do is make the seller realize that if the the 1st mortgage forecloses, the 2nd gets nothing and will most certainly come back after the seller for the full amount (not to mention if the 1st decides to dump the property and go for a deficiency judgement too!). Which would they rather pay: the smaller amount you negotiated or the full amount owed plus penalties, interest, court costs and attorney fees. Not to mention the potential for wage garnishment by courts to pay the judgement. If that doesn't scare them straight... well, you can't fix stupid.
Replies to This Discussion
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Permalink Reply by Kent Dills on
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Agree with Jim 100%. All you can do is all you can do - and then it's up to the client! Too bad we can't do short sales without clients! :-)
In fact, too bad we can't do real estate PERIOD without clients! ;-) -
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Permalink Reply by Anna Mackey SDHS on
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Kent, yes we can, it's called real estate investment business :o)
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Permalink Reply by Jim Stewart on
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Like I said. Can't fix stupid
Victoria Frieberg said:wow...after speaking with more 'friends' they have decided they don't want to pay on a loan anymore, foreclosure sounds better. so sorry you worked so hard..oh well.
I reminded them that the deficiency judgement does not go away on a second..and gave them a day to seek legal counsel -
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Permalink Reply by Katerina Gasset on
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Victoria, I left you a comment in the other section where you wrote about this.
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