Hi, first time posting here but I’m member and reading since 2011. I would like to get help on what to do on this deal (I’m not sure if is a deal yet) I have a client that they want to get rid of their house, they are going to move to their son’s house soon. I would like to keep the house, but I’m not sure if is a deal :(
The mortgage company says that the remaining loan is $93,566.17, and they are behind 16 payments. So, in order to bring the loan current I have to pay the balance of $17,507.42 this month. Or, do a modification and reduce the interest.
I ran the comps and only shows 3 houses, one pending for $119,900 and the other two sold. One for $65K (HUD) and the other one sold for $82K (FNMA).
Do you guys think this would be good for a short sale? Or should I make this client to do a loan modification and then do it subject to?
Thanks!
