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Stephanie Anderson replied to Stephanie Anderson's discussion 'No hardship but very upside-down rental property' in the group Help Me!

Thank-you so much for all of your comments! I really appreciate your help. I will see what we can do in trying to plead a hardship from loss of money long-term. What is a realistic amount the bank might ask for in a note?

February 5

Katerina Gasset replied to Stephanie Anderson's discussion 'No hardship but very upside-down rental property' in the group Help Me!

They do have a hardship! Their money is being drained by the negative payments and soon they will be out of money. Sell the bank on that part. But they do need to know that the second is going to want a note or cash contribution which you need to pr…

February 5

Kent Dills replied to Stephanie Anderson's discussion 'No hardship but very upside-down rental property' in the group Help Me!

I'd give it a shot Stephanie. I'd position it as a "strategic default" where the owners have just made the business decision to walk away. The second lien in this case actually helps as they ought to be fairly motivated to take a discount vs. get no…

February 4

Judy Chapman replied to Stephanie Anderson's discussion 'No hardship but very upside-down rental property' in the group Help Me!

I have a client facing the same circumstances. Value cut in half, rents down because of the economy, interest rates resetting at the end of the year. If the the cash outlay will eventually make your client face bankruptcy, that's a hardship. They ca…

February 4

Eric M. Boyd replied to Stephanie Anderson's discussion 'No hardship but very upside-down rental property' in the group Help Me!

Stephanie, The lender(s) may still approve a short sale, regardless of their financial situation. But, they should be prepared to sign a promissory note at closing.

February 4

Stephanie Anderson added a discussion to the group Help Me!

No hardship but very upside-down rental property

I have clients who want to attempt a short sale on their rental property. They paid about $600k and now it is worth $400k, after their rental income, they still owe $1,200 each month to cover the mortgage. Their mortgage will jump up this summer so…

February 4

Stephanie Anderson joined Wendy Rulnick's group

Help Me!

Post your Short Sale Problem. One of our Short Sale Superstars may have a solution!

February 4

Stephanie Anderson is now a member of Short Sale Superstars

Welcome Them!

February 4

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Stephanie

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Anderson

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San Diego

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