Forum

Investor with Multi Properties

Posted by Jaime Kosofsky on June 9, 2011 at 10:42am in Short Sale Discussions

I have a client with 5 properties.

He has his primary with a Wells loan. 399,000

He has 3 properties with BOA loans totaling 486,145.

 

On one inv property he has a house probably get 275,000 out of 311,000 (BOA)

One another inv property He has a lot can sell for 75 has 99K out standing (BOA)

 

Third property may have intrinsic future value he owes 76145k to BOA

 

Has 100K in cash savings.

 

(a) How will BOA look at is 100k? That is the money he uses to keep himself current.???

 

(b) what if he uses it to payoff to pay off the third property.... and shorts the other BOA properties.

 

 

You need to be a member of Short Sale Superstars to add comments!

Join Short Sale Superstars

Email me when people reply –
Follow

Replies

  • Wendy Rulnick June 9, 2011 at 12:47pm
    I agree with Bryant.  He can use some of the cash to get approvals and possibly waivers of deficiency on all the sales.  I would try to get them all in the works at once, so the first lienholder cannot be greedy.. Good luck!
  • Bryant Tutas June 9, 2011 at 12:43pm
    Jaime. I would not use any cash at this point.Hold onto the 100k until he needs it. Paying off one property would be a huge mistake in my opinion. He made need to make cash contributions later to get some of these approved. I've handled short sales on multiple properties for investors before. Just go through the process as you normally would. And be sure he seeks legal and tax advice.
This reply was deleted.
********************************** like buttons ************************