All Forum Posts by: Skylar Howard

The bank will not accept a short unless there is distress. This is the reason for including the hardship letter, bank statements, tax, returns, and check stubs. These items must be included to prove the distress. If the distress isn't proved you may want to contact the bank, let them know the potential situation and possibly buy the note from them at a discount....Personally, I would probably not spend much time on the deal, sit back and just see what happens.

You cannot start the shortsale until the note is 90 days late. However, you should absolutely get the the deed transferred into a land trust and file the deed(land trust does not get filed). This wiil stop any more liens from being attached to the property.

I have attached an email that I received from a local shortsale guru. I met him in December 2004 at a Jeff Kaller Shortsale seminar. At the time, he was just an investor taking the training like me. He is now on the seminar circuit and has been featured on Montel Williams. I hope this may help..... I get these once a week, if there is enough interest, I will continue to forward these to the forum.

Personally, I took Jeff Kaller's course. He probably has a book, check ebay. I don't feel that it's necessary to take the course though. If you have a general understanding of the process, you can get help from the forum to get your deal done. You will save at least $3000 or whatever they are charging these days.

Marvin - If you want the property, go for it. I don't think it will work with a VA loan though. You will probably need to raise capital or find a hard money lender, then put it into an entity. You then will be able to get the VA loan and purchase from the entity. I am just guessing though, I really don't have any experience with this type of loan.....As far as the shortsale goes, I would probably get the owner to get a release from his realtor and do it yourself. If you don't know how, I think you can get enough help from us in the forum to wing it..... Anyone else have any comments, I'm a little shy on this one? If you don't get any responses, PM Eric Foster or REI.

Banks don't care if the property is owner occupied or owned by an investor....The reason banks do shortsales has nothing to do with who owns it. It has everything to do with tying up their reserves. If they don't have the right amount of reserves they can't lend money. If they can't lend money, they can't make money. The last thing a bank wants is a REO.

Thanks for your responses guys. Here's the deal....the $20k was $60K, he ain't goin any lower...yet. I did offer $10k now and $10k upon sale of the property. As far as the the second goes, I know if I wait I can get it in the neighborhood of $5k. I have the cash to get the deal done, however the sub2 seems appetizing because of the low fixed payment. I was considering buying the 2nd note, but I should do that before I catch the payments up, therefore, no shortsale. Exits also are endless, but probably tenant buyer or wholesale.

Please, more help.

I am not familiar with NARS/PacTrust structure or Bill G. I use a simple yet lengthy land trust. Though it it long, it covers many important points. You just fill in the blanks. I have used it since 1996 and use it for many situations. It seems to work well when using to take and assign title while working a shortsale. You can find it here http://forums.biggerpockets.com/viewtopic.php?t=15560

She is right.
http://www.whitehouse.gov/news/releases/2007/12/20071220-3.html

Didi - PM me, I think I can help you out. I'm in Orlando, and have several contacts in Tampa.