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Thanks for the input everyone, I'll post the outcome for sure.

Damn, that was easier than I thought!

But *certainly* the lender would want to avoid the foreclosure route??

I'll be putting in the offer anyways..what have I got to lose--except for a few hours of my time?

I'm just trying to find a more direct route to the negociator, that's my biggest problem at the moment in my Foreclosure Learning Curve.

:groovy: yo.

Well, that's the part that's alittle gray at the moment. I was told to send in my package[HUD1,P&S,Approval letter,etc] and they'll REVIEW it, but I havent gotten to a negociator. That's all I was given, but I'm sure there's a more direct route to take..I just haven't found it yet. All sugg's welcome.

:groovy:

Assuming the property is in rough shape, how much below Current Bal Owed is the aver. lender willing to accept?

:groovy:

This is a property that I'm buying on a short-sale:

Owner Bought in 4/04
Mortgage Balance = 315K
Market value = 375K
8 months in default
3 Family, all units rented

Owner's already received notice of default and the auction will be set probably within the next 30 days. I'm thinking of offering 283K for this property which is exactly 10% under owner's mortgage balance before default. I'd like some opinions as to how much I should make my short sale offer. This will be hard money financing.

:groovy: