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Updated over 14 years ago on . Most recent reply

User Stats

15
Posts
10
Votes
Keisha Barnes
  • Homeowner
  • Union, NJ
10
Votes |
15
Posts

Opinions needed

Keisha Barnes
  • Homeowner
  • Union, NJ
Posted

Hi everyone,

We're newbies but have been following BP for a few months. We had our 1st appt today & just thought we'd ask for some opinions. Not sure which forum to post this on so I'm trying this.... It didnt go well. I scheduled an appt for David today. H/O is in foreclosure. This guy is incredible. Sheriff sale was 8/18 but he got another 2 weeks. It was his 2nd home he bought in 2005. Wife and children lives in this house. You guessed it: got caught in ARM wave & mortgage skyrocketed in 2008. Lispenden filed in 2008. He knows he's upside down. Tried to show how lucky he was considering this is 2010! Told him we needed to get the sheriff sale stopped 1st and then work on a short sale. He knows. All phone calls were good & actually sounded productive. At the meeting, he then springs upon David that he wants $20k to move with but will go down to $15k. Thinks he lost everything & doesnt care about anything but money now. The guy had 3 liquor stores and a couple of homes which he says he lost. We even suggested about credit restoration & offered to include it. He wasnt biting. We advised him that under HAFA he maybe able to get up to $1500 to move with but again, he said that wasnt enough. He said a realtor offered to buy the house BACK IN 2008. He knows he missed that boat & apparently is fond of missing boats....Anyway, our thinking is we walk away from this. Are we missing anything? 1st, there's not possible way for us to pay him ANYTHING but most, I dont think this is legal.

Well anyway, we feel like we accomplished something because we got the FIRST out of the way. Both of us gained some confidence and learned more.

Thanks for any feedback.

Take care,
Keisha

Most Popular Reply

User Stats

858
Posts
305
Votes
Maryann L.
  • Specialist
  • Massachusetts
305
Votes |
858
Posts
Maryann L.
  • Specialist
  • Massachusetts
Replied

Keisha, he's not the best person to deal with in the state he's in. It sounds as if he's lost everything already and is pretty bitter. I would use serious caution with him.

Tell him you can't give him money. The best you can do POSSIBLY is to offer $3000 that will have to be APPROVED BY THE LENDER. That way the lender has the final say. Most lenders don't want the homeowner having money considering they lose a TON of money. The way you can try to deal with him is let him know you'll request it on the HUD but the lender has final say on if he gets it approved. I would say $3000 is good for moving expenses. He's lived there QUITE sometime for free so hopefully he's saved enough for an apartment.

I had a Realtor last week losing their personal home ask if they could have a referral fee for their own house and that's exactly how I dealt with it. I told them we would TRY to ask for $500 on the HUD and if the lender approved it, we were ok with it and that way it takes the pressure off of YOU to try to pay something behind the lender's back or telling the homeowner no.

It can't hurt to ask, but I'm betting the lender will say no.

Don't waste too much effort on this guy. He's not motivated.

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