Cash for keys / Deed In Lieu

[Chris Seveney]

Had a borrower recently who we are foreclosing on because they have not paid in 7 years counter offer a cash for keys deal.

We offered more than we usually do ($2500) as that was our estimated remaining legal costs.

Borrower countered at $20,000. I respectfully declined

I am curious what had been the most absurd demands you have received from a borrower ?

[Jamie Bateman]

Can't compete with that, but I recently had a CFD borrower decline my modification offer that would have lowered her payment by about 40% by extending the term. She rejected the modification because wants us to lower her interest rate from 9% to 4%. Now, after we already deferred 2 payments for COVID, she wants another 3 months deferred. I said no and magically she is now interested in my original proposal.