All Forum Posts by: Account Closed

Just wanted to give you guys an update on this deal. There was no money involved to get the grant deed from the homeowner. The second has settled for $12K on a balance of $85K. The 1st is Bank of America and won't negotiate on their balance of $483k, so I will be giving up on this deal and letting the bank foreclose on it when they decide to. Hopefully the account gets charged off or sold to another servicer who will negotiate with me. I work at Bank of the West and deals like this have never been an issue. @K. Marie Poe if you think you can save this deal and want it please contact me. Property is in Stockton CA

@Dion I don't have any money invested into this deal. I just heard from the second they will settle for 15% of the principal balance let’s hope the 1st Bank of America agrees on something soon so I can proceed. Homeowner filed chapter 13 bk and was already discharged, property was never reaffirmed or surrendered.

Borrower filed Bankruptcy so credit is not an issue. I did obtain 3rd party authorization and the second is working with me except for Bofa. Hopefully the homeowner changes her mind and accepts to proceed with a short sale or I’ll let it go to someone else or foreclosure.

@Brianna Schmidt & @Dion DePaoli thank you for the information. I recently acquired a grant deed from a homeowner who abandoned their property over two years ago. Bofa being the Sr. Lien holder has not initiated foreclosure and the only way to have their lien released is to pay them off. Any suggestions on how I should proceed or who to contact regarding a short payoff? The homeowner does not wish to go through the short sale process either.

Does anyone have experience negotiating a Short Payoff/ Discounted Payoff with Bank of America? NOT A SHORT SALE
I've been through all their departments including the Office of the President and they all say they don't do this.

Any tips would be highly appreciated. Thanks

Chris did you ever manager to locate the homeowners? If so how did you proceed? I came across a property in the identical situation and am in the process of negotiating with the bank. Thanks

Chris did you ever manager to locate the homeowners? If so how did you proceed? I came across a property in the identical situation and am in the process of negotiating with the bank. Thanks

Thank you guys for the tips. I was able to successfully obtain the grant deed and borrower authorization for the mortgage. What would a lead like this go for? Marie you could message privately to go over the property if you'd like. Once again thank you guys.

I found someone that had a BK discharge 2 years ago and abandoned the property. The banks have not initiated foreclosure probably due to being so underwater. Would it be a good idea to have the homeowner quit claim the deed to my LLC and then negotiate with the banks for a discounted payoff? Has anyone tried this?

I found my first short sale deal through direct marketing to absentee owners. How do I go about negotiating with a listing agent their commission or choose the correct listing agent?

What do you guys usually agree on?