Indymac short sale with defficiency request - Loan Modification Forum

tc4gold · 10-14-2009, 09:47 AM

HI,

I have been working wth Indymac since April on a rental short sale in Tennessee(they denied the mod). Debt is $44k (inflated appraisal of $63k) Their own BPO came in at $20k which is the price the buyer offered asking that there be no deficiency judgement to me. THis buyer has since indicated that he may not follow through due to vacancy in property and no sign of getting it filled. Realtor had no inquiries on this property in 4 months, I found investor via internet and am looking for replacement investor. Foreclosure sale postponed 3 times because they can't make decisions. Finally they come to me with the following:

> "After reviewing the above workout and taking into consideration the borrower's situation it was determined that the sale offer is approved on the condition the borrower signs a note in the amount of $8,000.00 over 60 months. We are willing to work and negotiate the amount to resolve. The offer is an interest free note, an extended term longer than we normally allow and in addition we will give her ample time to start with her first payment on01/15/2010. Please respond as soon as possible to expedite the process."
I am unemployed, had one rental foreclosure already (Aurora), two more short sales pending on properties that are upside down. I have no money spare each month to pay this deficiency, I can't even afford to fix the hole in my tooth or have my car serviced. How do I negotiate this or should I just let it go to foreclosure and deal wth the credit, it is already shot anyway. THe house will not sell for $20k if it is foreclosed on, it will be much less and can they come after me for the whole amount afterwards. I can deal with the collection calls, there is nothing to get but the house I live in which only has a little equity because I negotiated settlement on 2nd. I could try to come up with $50 a month for 160 months or offer 4k at $50 a month but I would rather be done with it and the only way I can do that is if they accept $1,000 which my boyfriend would loan me the money for. HELP
ANy advice will be greatly appreciated.

10-14-2009, 09:47 AM	#1 (permalink)
tc4gold Senior Member Join Date: Apr 2009 Posts: 45 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Indymac short sale with defficiency request HI, I have been working wth Indymac since April on a rental short sale in Tennessee(they denied the mod). Debt is $44k (inflated appraisal of $63k) Their own BPO came in at $20k which is the price the buyer offered asking that there be no deficiency judgement to me. THis buyer has since indicated that he may not follow through due to vacancy in property and no sign of getting it filled. Realtor had no inquiries on this property in 4 months, I found investor via internet and am looking for replacement investor. Foreclosure sale postponed 3 times because they can't make decisions. Finally they come to me with the following: > "After reviewing the above workout and taking into consideration the borrower's situation it was determined that the sale offer is approved on the condition the borrower signs a note in the amount of $8,000.00 over 60 months. We are willing to work and negotiate the amount to resolve. The offer is an interest free note, an extended term longer than we normally allow and in addition we will give her ample time to start with her first payment on01/15/2010. Please respond as soon as possible to expedite the process." I am unemployed, had one rental foreclosure already (Aurora), two more short sales pending on properties that are upside down. I have no money spare each month to pay this deficiency, I can't even afford to fix the hole in my tooth or have my car serviced. How do I negotiate this or should I just let it go to foreclosure and deal wth the credit, it is already shot anyway. THe house will not sell for $20k if it is foreclosed on, it will be much less and can they come after me for the whole amount afterwards. I can deal with the collection calls, there is nothing to get but the house I live in which only has a little equity because I negotiated settlement on 2nd. I could try to come up with $50 a month for 160 months or offer 4k at $50 a month but I would rather be done with it and the only way I can do that is if they accept $1,000 which my boyfriend would loan me the money for. HELP ANy advice will be greatly appreciated.

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