Seller asked my if I wanted to get released from the contract.

I will email him with more questions about the HELOCs like is the a balloon, is there a first mortgage, and an authorization to release info form.

The pdf Dustin provided is thorough and analytical, but he for obvious reasons be would be unable to post that much detail when he emails it out.With that being said, how would you suggest summarizing some of the key information in a professional manner for the body of the email without coming across with the "What are you waiting for You gotta get in on this one" vibe?

Generally the first step the lender wants is to look at a temporary forbearance and repayment plan for short term problems.Then if the problem isn't temporary then they will look at a trial loan mod.Usually the trial loan mod is for 3 months and if you complete that then they will look at a permanent loan mod which is much harder to qualify for.Only about 10 % get a permanent mod.If you can't get a permanent mod then they want you to list as a short sale usually for 90 days.The short sale really doesn't do anything for the owner who wants to stay.Some list anyway and then reject any offers that come in.Then after that the bank will look at a DIL (deed in lieu) or foreclose on the property as a last resort.The DIL sometimes they will give you cash for signing away the property to them instead of foreclosing.Even if you do a DIL or the lender forecloses some banks are renting back the properties to the former owners.They would rather them live in the banks property for cheap then the property be vacant and get vandalized.The losses can be much more to the bank if vacant.As a last resort you could file BK and force the bank not to foreclose and then add in your back payments owed to your chapter 13 repayment plan.If you stop paying the plan however the lender can motion for an automatic release of stay on the property or if you pay the bk plan but not make the regular mortgage payment.This is not legal advice.Every situation is different by state,loan type,servicer and borrower circumstances.

You are "released from the contract" for a fee and it's setup using a separate agreement.the bank simply knows that the first buyer (you) walked but lucky for them, a new buyer is ready to step in to buy the property at the same price the bank has approved.

As I do more work in DC than MD I have a bit of a question because in my experience you need either a signed release or court order to get your escrow money in DC.

Your plan to refi and release your farm ground as collateral down the road might take a while.

. :) I'll just keep making a request every three weeks.I was able to go back and get an authorization to release from the borrower which gives me permission to negotiate and tender a final payoff.

You sign off on scope of work and he can process payment when you authorize release via that same sort of system.

Right now all I’m looking for is a release of liability for my contractor’s to sign.