short sale when owner owns some very cheap free and clear properties in addition

I have been offered two $30,000 listings with $100,000 each in financing.  Owner has a 3 $20,000 houses free and clear.  What are the chances that lender will demand a note secured by the free and clear properties in this situation?

Views: 133

Reply to This

Replies to This Discussion

Barry - Some smaller, regional lenders might be interested in that option. Generally, the national lenders don't look to other properties to collateralize to allow a short sale.

Another option is to put the 3 20k properties into a trust so it doesn't show on a title search based on name.

Satar I hope you are not advocating the hiding of assets?

I advocate any legal solution to negotiate the best outcome for my clients in a debt settlement.

Hiding?  Maybe protecting?

pretty much zero. They may want a note or contribution, but that's about it.

RSS

Members

© 2018   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************