I'm wrapping up all the big loose ends of the bankruptcy now. Mortgage / Home is the my final task to scratch off the list.
I spoke with bank to do a modification, but the terms were not satisfactory.
I offered to sell the home in lieu of foreclosure even though the house is 80k under (according to a proper appraisal.) Not a short sale, just a sale.
The bank was receptive, agreeing to the much lower price, and is handling the deficiency on the back end.
For Me: The only 'unknown' is how they'll handle the deficiency, (it's covered in the BK), Foreclosure is avoided, the Realtor fees are included, we can be aggressive on pricing since there's really no caps. Essentially EVERY offer is a winner.
For Them: It's not put up as a short sale (brings in lower offers I hear / read) and it's not for sale by the bank which may also lower offers.
Seems like a very smart move for the bank. The property sells quickly and they get the most return.
Anyone see anything amiss?
I spoke with bank to do a modification, but the terms were not satisfactory.
I offered to sell the home in lieu of foreclosure even though the house is 80k under (according to a proper appraisal.) Not a short sale, just a sale.
The bank was receptive, agreeing to the much lower price, and is handling the deficiency on the back end.
For Me: The only 'unknown' is how they'll handle the deficiency, (it's covered in the BK), Foreclosure is avoided, the Realtor fees are included, we can be aggressive on pricing since there's really no caps. Essentially EVERY offer is a winner.
For Them: It's not put up as a short sale (brings in lower offers I hear / read) and it's not for sale by the bank which may also lower offers.
Seems like a very smart move for the bank. The property sells quickly and they get the most return.
Anyone see anything amiss?
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