40% Loss-Renegotiation Advice

[Anonymous]

Stan, he didn’t even get granite countertops for that price??

[stansd]

Thanks for the responses. No Marion, didn’t even get granite counters, wood floors, new appliances, a decent neighborhood, nice paint on the outside, decent square footage, and it doesn’t have a yard-just a 5×10 second floor patio that is shared with a neighbor.

Stan

[stansd]

Thanks for the responses. No Marion, didn’t even get granite counters, wood floors, new appliances, a decent neighborhood, nice paint on the outside, decent square footage, and it doesn’t have a yard-just a 5×10 second floor patio that is shared with a neighbor.

Stan

[stansd]

Thanks for the responses. No Marion, didn’t even get granite counters, wood floors, new appliances, a decent neighborhood, nice paint on the outside, decent square footage, and it doesn’t have a yard-just a 5×10 second floor patio that is shared with a neighbor.

Stan

[stansd]

Thanks for the responses. No Marion, didn’t even get granite counters, wood floors, new appliances, a decent neighborhood, nice paint on the outside, decent square footage, and it doesn’t have a yard-just a 5×10 second floor patio that is shared with a neighbor.

Stan

[stansd]

Thanks for the responses. No Marion, didn’t even get granite counters, wood floors, new appliances, a decent neighborhood, nice paint on the outside, decent square footage, and it doesn’t have a yard-just a 5×10 second floor patio that is shared with a neighbor.

Stan

[DaCounselor]

The primary hurdle to your bro succesfully negotiating a mod is that he can afford his payments. What is the lender going to do with a guy who can afford his payments, even if things are getting tight? I don’t see a mod in his future based on his ability, unless there is a drastic change in either his payments or his income.

Morality aside, buy and bail or bail and rent may make financial sense. He could also try a short sale. If he really wants to try and keep the place, he could stop paying his 2nd and see what they do. The 2nd (assuming it’s a 20% piggyback) is essentially unsecured at this time so they are unlikely to foreclose. They may be susceptible to a pennies on the dollar short payoff after months of non-payment, and your bro stays in the house and just has to pay the 1st moving forward.

Keep us posted on this if you would.

[DaCounselor]

The primary hurdle to your bro succesfully negotiating a mod is that he can afford his payments. What is the lender going to do with a guy who can afford his payments, even if things are getting tight? I don’t see a mod in his future based on his ability, unless there is a drastic change in either his payments or his income.

Morality aside, buy and bail or bail and rent may make financial sense. He could also try a short sale. If he really wants to try and keep the place, he could stop paying his 2nd and see what they do. The 2nd (assuming it’s a 20% piggyback) is essentially unsecured at this time so they are unlikely to foreclose. They may be susceptible to a pennies on the dollar short payoff after months of non-payment, and your bro stays in the house and just has to pay the 1st moving forward.

Keep us posted on this if you would.

[DaCounselor]

The primary hurdle to your bro succesfully negotiating a mod is that he can afford his payments. What is the lender going to do with a guy who can afford his payments, even if things are getting tight? I don’t see a mod in his future based on his ability, unless there is a drastic change in either his payments or his income.

Morality aside, buy and bail or bail and rent may make financial sense. He could also try a short sale. If he really wants to try and keep the place, he could stop paying his 2nd and see what they do. The 2nd (assuming it’s a 20% piggyback) is essentially unsecured at this time so they are unlikely to foreclose. They may be susceptible to a pennies on the dollar short payoff after months of non-payment, and your bro stays in the house and just has to pay the 1st moving forward.

Keep us posted on this if you would.

[DaCounselor]

The primary hurdle to your bro succesfully negotiating a mod is that he can afford his payments. What is the lender going to do with a guy who can afford his payments, even if things are getting tight? I don’t see a mod in his future based on his ability, unless there is a drastic change in either his payments or his income.

Morality aside, buy and bail or bail and rent may make financial sense. He could also try a short sale. If he really wants to try and keep the place, he could stop paying his 2nd and see what they do. The 2nd (assuming it’s a 20% piggyback) is essentially unsecured at this time so they are unlikely to foreclose. They may be susceptible to a pennies on the dollar short payoff after months of non-payment, and your bro stays in the house and just has to pay the 1st moving forward.

Keep us posted on this if you would.

[DaCounselor]

The primary hurdle to your bro succesfully negotiating a mod is that he can afford his payments. What is the lender going to do with a guy who can afford his payments, even if things are getting tight? I don’t see a mod in his future based on his ability, unless there is a drastic change in either his payments or his income.

Morality aside, buy and bail or bail and rent may make financial sense. He could also try a short sale. If he really wants to try and keep the place, he could stop paying his 2nd and see what they do. The 2nd (assuming it’s a 20% piggyback) is essentially unsecured at this time so they are unlikely to foreclose. They may be susceptible to a pennies on the dollar short payoff after months of non-payment, and your bro stays in the house and just has to pay the 1st moving forward.

Keep us posted on this if you would.

[Author]

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