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Seller with 2 homes and 2 loan mods.

Posted by Maryam Schag on April 21, 2010 at 9:07am in Short Sale Discussions

I'm working with a seller who has 2 properties. One is a rental that they've owned since the 80's they rec'd a loan mod. 6 months ago, the lender wrote down the principal $100k and they still can't make the payment (the tenant has not paid in 2 months) so they have not paid their mortgage.

Their main residence also got a loan mod. around 6 months ago and they are making the payment on that home (principal residence).

The rental mortgage is with Wachovia and it only has a 1st, now the seller seems to think that he can work with W. to lower the payment again!

Their CPA and I both have advised them to sell both homes but, I can't seem to get it through as they are still emotionally attached to both homes.

Any suggestions would be greatly appreciated.

 

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Replies

  • Bryant Tutas April 21, 2010 at 9:17am
    Maryam. You have to be careful not to push sellers into doing a short sale. Wachovia may very well be willing to work with them again to do another loan mod. It certainly sounds like these homeowners need to explore all of the options available to them to keep the properties. If none work they will come back around to doing the short sales. The point is they have to make this decision on their own and in their own time.
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