I have a seller who is presently in Loan Modification from her original loan with Bank of America. Loan balance at that time was 800K and was down to 404K now. What will be the pay off? It is now assigned to another company and she called to request a written payoff demand.
If property has gone up in value and now attain a higher equity but sill under water, what does the lender usually do? There was a refi, cash out.
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It depends if the balance was forgiven or simply deferred. You'll find out when you get the payoff or look at the modification approval the borrower received previously.
If the property has gone up in value and it's still under, it'd be a candidate for a short sale review. The lender will potentially initiate foreclose to recoup on funds if borrower is delinquent.
Brett@ishortsalenow.com
310-564-6389
www.ishortsalenow.com
Thank you., Borrower have been late but less than 30 days each time. Mortgage is still current.
We are planning to fix it to be able to sell it higher. Thinking seller will get the equity to move on. Waiting for pay off from lender. Also opened a pre-escrow to get a pay off from the lender through title.