how about the land?

[bigjohn]

Hello everyone,
I see that lots of people have a house as investment property. What is the chance that bank will even talk to me if I try to short sale land? Or do they care what it is at all?

the second question on the subject:
someone recommended me to seek help with one of the companies here which provides legal / real estate assistance. This is bunch of real estate brokers who teamed up with lawyers and they are running, as I was explained, a "new program". the salt of it that they file a nitoce to the bank on my behalf, I go behind on payments, these lawyers talk to the bank lawyers and possible (if I am lucky enough) provide to the bank a cash buyer for my property. In a mean time they jam up the court system so the bank has no legal pressure on me, and judge can't rubber stamp my case causing me into foreclosure. at the end - I was promised no foreclosure record in my credit history, just late payments. Has anyone heard of this system before? They could not provide the amount of closed cases at the time, and there was no guarantee I will come out "clean". Sounds fishy to me, but who knows?
Their payment method consists of two parts:
- monthly payments from me in the amount of 1/3 of my monthly mortgage payment, minimum of $500/mo;
- real estate broker fee when they find a buyer for my property.

can someone advise on any gotchas with this method, pros / cons?

Thank you so much.

[schwefls]

Hi bigjohn welcome to our forum:

I wanted to stop in and say hello. SHortly someone will be reaching out to you reagrding your post, in the interim please hang in there.

[Moe Bedard]

Hi bigjohn,

Welcome to the forum and thank you for joining.................

I am not sure about short sale on raw land..............that could be a tough one........


When you say..........
"someone recommended me to seek help with one of the companies here"

where are you referring to? here on the forum?

[bigjohn]

Originally Posted by *** Damiano

Hi bigjohn,

Welcome to the forum and thank you for joining.................

I am not sure about short sale on raw land..............that could be a tough one........


When you say..........
"someone recommended me to seek help with one of the companies here"

where are you referring to? here on the forum?

no, not on this site, some one local.

[bigjohn]

I guess no one really has much to say about this. well, no answer is an answer for me. thanks.

[Moe Bedard]

Sorry John,

I had thought that you were going to speak with a company regarding help for this situation...........the only other thing that you can do is to speak directly with the lender and ask them if they would consider a short sale on land..................
In my experience I have not seen a short sale being done on land..........
Who is the lender?

[bigjohn]

The only time the lender will talk to me (besides offering to refinance) is when I go behind on payments.(which I am NOT right now, and don't want to be - that's the whole point of doing it). I called and explained that I cannot longer keep up with payments and want to see what programs are available for situations like mine by the bank itself - all they could tell me - go to the branch and they will refinance. I have 5% interest only load, and unless they can refinance it with 2.5% - I see no point in doing this exercise. I very doubt they will refinance like that. The lender is Bank Of America. I guess I have to go behind on payments just so I can talk to the right department in there and then ask if I can short sale the property.

Thanks.

[Moe Bedard]

the problem is that Short Sales are given in extreme hardship cases most of the time and I know it is a catch 22 but someone who is current on payments isn't a risk to the lender......

Here is the direct number to the correct dept. at BofA to see if they can help you.........

BofA Loss Mitigation
1-716-635-2251

[iminlj]

big john

Banks do not want to own land since there is a lot of liability that goes with land. My guess is that they will short sale in a heart beat.