Deed in lieu of foreclosure in Manassas Virginia

Deed in lieu of foreclosure in Manassas Virginia

This week I have been in contact with a homeowner who has vacated their Manassas, VA house. The owner is behind on their mortgage payments and a short sale may be a good solution to the problem.

The owner has decided not to even try to short sale the property. Instead they just want the property to be foreclosed.

Deed in lieu of foreclosure in Manassas Virginia

As a private real estate investor I have some options to help solve the problem for the bank. The bank is dealing with a belligerent homeowner who is not cooperating in doing a short sale. The bank would prefer not to foreclose on the property.

The best solution for the bank to avoid foreclosure is to sell the note to a third party investor who will then offer the homeowner the option of signing the deed over in lieu of foreclosure.

The first step is to have the bank agree to sell the note at a discount.

The second step is for the investor to see if the owner will sign the deed over to the investor in lieu of foreclosure.

If the homeowner will not cooperate with the investor, the investor will then foreclose on the property and take ownership.

As long as the note is purchased at a deep enough discount, this scenario is a win-win for all concerned. The bank frees up their books from a non-performing asset, the investor obtains a property at a discount, and the homeowner is relieved from their real estate problem.

Deed in lieu of foreclosure in Manassas Virginia is one option for me right now.