Typical success rate

[Andrew Meegan]

I have a borrower that wants to get rid of an investment property. His servicer, America's Servicing Company is already out front of the adjusting rate he will be facing and automatically locked him in for 5 more years. The interest only feature will not be there, but the rate will stay the same for the next 60mos. the property will not cash flow for him the way he wants it to (he will now be paying a couple hundred out of pocket every month after all expenses, even fully rented), and he is severely upside down in it right now.

He just wants to move on, but doesn't know where to start. I gave him the name of very competent realtor, and an attorney to handle the short sale. The attorney is demanding $1,000 up front to make this happen.

My client is hesitant, because he thinks he will spend the $1,000 only to have to short rejected, because he has no real reason to sell other then that he just wanst to.

owes $490,000 on a 3 fam. Market is currently running $340,000 to $365,000 for similar properties.