Congratulations to student Diane Swick for helping her friend and creating a win-win situation for all. The following short sale subject-to Tips are posted with her permission, written right after returning home from the Austin Workshop:
In addition, after returning from Austin on Sunday … on Monday I received a call from a friend from the past stating her house was on the foreclosure block the following Tuesday. I coached her during the week but she could not get the attention of her lender. On Thursday, she made me lunch while we made full circles on speaker phone with her lender and by 5:00 p.m. that same day she had a written (and signed by the lender) forbearance agreement with a payment agreement that she could afford through April, 2009. I made some changes to the agreement on Friday to include:
A. The foreclosure sale would be canceled and the suit suspended;
B. If all payments are made as agreed the lender would agree to extend the term as needed until the borrower’s income returns.
I give you this bit of information as a hopeful addition to your ‘subject to’ lessons. You would not have to bring the loan current and make the regular payments if you work just a little bit harder. You could actually do a work out with the lender for a reduced payment in lieu of the foreclosure until you can flip flop the property. Also, you now have a contact for your short sale if needed.”
Thanks, Diane, and again – Congratulations! RL
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