Can homeowner ask the bank to accept a lower amount then the "redemption amount"? Will they accept it? Has anyone done this or know someone

Asked by Re'se, Detroit, MI Fri Apr 30, 2010

who has?

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6
Keith Manson-…, , Milwaukee, WI
Sat May 1, 2010
You can ask any thing. However, Every situation is different and depends on the bank, investor, mortgage insurer and processor handling the case. It will also depend if there are any rights for a deficency. If your asking if they will accept less from the home owner I can almost guaranty that they will not accept less from the home owner/ mortgagor.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee

http://www.milwaukeebailout.com
0 votes
Derek Bauer, Agent, South Lyon, MI
Sat May 1, 2010
Every situation is different. Michigan is a Full Bid Credit Rule state, so one needs to look at what the pre-foreclosure amount due was, and then the amount at the foreclosure sale.

This is not legal advice, and you should seek a licensed legal professional for legal advice and counsel.
Web Reference:  http://DoorToDreams.com
0 votes
Dallas Texas, Agent, Dallas, TN
Fri Apr 30, 2010
One professional who can render an opinion is the lender contact them direct they could have many options made available for you .

Lynn911
Web Reference:  http://www.lynn911.com
0 votes
Patrick Thies, Agent, Anytown, IL
Fri Apr 30, 2010
...long as the money did not come from the homeowner, it came form a family member or friend, the lenders would take less without considering it as short.
__________________________________

How does this pass the arms length transaction requirement?
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri Apr 30, 2010
It doesn't hurt to ask/try, though no guarantees they will accept.
0 votes
Bob Movin-On, , Hartford, CT
Fri Apr 30, 2010
We have made less than offers before the the auction date and found that as long as the money did not come from the homeowner, it came form a family member or friend, the lenders would take less without considering it as short.
It never hurts to try.

Good Luck
Bob Patrick
Buy a home after foreclosure expert.
0 votes
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