Short Sale Help

[Shawn Connors]

Hey BP,

I just sent out some letters to pre-foreclosures and I have a feeling I will be dealing with a lot of these sellers.

Seller calls, wants to sell his house before its foreclosed on.  Wants to save his credit.  House is vacant.  Bought it for 65k.  Hasn't paid the mortgage in 6.5 years!!!! Owes the bank 172k.  Wants to do a short sale but I have no idea how to, nor do I want to being new to investing.  Can someone give me some guidance in this field?

[Dan McCluskey]

Hasn't paid in 6.5 years?   How in Sam Hill does anyone get to freeload and squat that long without legal intervention?  Is the bank still in business?

If it has been dragging on this long, I'd bet there's little to be gained by chasing this one.

Negotiating the balance will be one thing, I'd be more concerned with all the liens that come flying out of the air once the notice of a sale gets posted. 

I'd find another short-sale to pursue.

Best of luck.