Anyone play Poker? (NL Hold 'em type)

walkin

LoanSafe Member
May 1, 2012
361
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I do.

My strategy with dealing with these banks, in my recent games, will have to depend on my poker skills. I'm not a superb player, nor does it make any money for me, but I do o.k. I have to rely on my analytical mindset to battle these banks, because I don't have the education or knowledge that a lot of accountants or lawyers have. (based on my reading in here, it might be a waste of time trying to analyze these banks)....

Here's a hypothetical situation:

Balance on 1st- $135,000
Balance on 2nd- $70,000
Recent Appraisal- $125,000 (yeah right)

SS fell through, because 2nd wouldn't accept $12k to release the lien.

Since then, 1st has been BEGGING me to do a DIL.

Why does it make sense? What cards AM I HOLDING that is pushing them towards offering me a DIL? If I OFFER THEM a DIL, they still have a 2nd lien hanging over their heads...so why are they so pushy on the DIL?

They (1st) knows:
1- They are under water
2- If the DIL happens, they have to pay off $70k in order to sell the house
3- It will cost them $12k or more to buyout the 2nd, based on previous SS dealings, since the 2nd wouldn't release the lien for $12k.


Since I don't know enough about the real estate and bank games, I can't determine what cards they are missing, or how strong the cards are that I'm holding. All I can think is that I have a superior hand, but I don't know why...bad assignment? bad mortgage? Or is this completely normal? Is there a backroom deal proposed between the 1st and 2nd?

I'm sitting tight with my pocket Queens, and hope to prevail....but curious on some opinions? Oh, btw, I'll call any raise, cuz I think I have the nutz :- )
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
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San Diego, California
www.LoanSafe.org
There is really nothing that is going to benefit the 1st by going through a DIL besides the fact they will gain back ownership of the property faster then if you let the property go into foreclosure. You are right it really does not make any sense because they will still have to get the 2nd to agree and since they are not accepting the SS offer it's unlikely the DIL will be approved. Also besides on your behalf there is not going to be any benefits going through a DIL..
 

TomEason

LoanSafe Guide
Jun 18, 2009
12,390
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SF Bay Area CA
walkin

Thanks for your post.

I think you make the mistake of believing you're dealing with intelligent beings at the bank. But it's highly likely you've been in communication with a clueless rep (or two).

As you may know banks don't like doing DILs. And if the property has a 2nd or any other liens, a DIL is not possible.

I recommend you forget that option.