Lemme ask you something. (Real life karma/ money)

[bw1]

No. They owe 1.1M on a 1.850M house. A house that price in Salt Lake doesn't sell as quickly as they would need it to. The bank will take it first. I found a hard money lender that will get them out of foreclosure without proving income, which is huge, for 10% of the loan amount. It's a lot of money. I personally think it's worth it, but I also just had someone tell me I'd be an asshole if I did that to someone. The money wouldn't go to me, I'd be paid a 1.5% referral fee when it closes, which doesn't suck.

Has there been a NOD (notice of default) filed on the house yet?

 

[Subzeero]

what is everybody talking about in this thread?

 

[feisty11975]

No. They owe 1.1M on a 1.850M house. A house that price in Salt Lake doesn't sell as quickly as they would need it to. The bank will take it first. I found a hard money lender that will get them out of foreclosure without proving income, which is huge, for 10% of the loan amount. It's a lot of money. I personally think it's worth it, but I also just had someone tell me I'd be an asshole if I did that to someone. The money wouldn't go to me, I'd be paid a 1.5% referral fee when it closes, which doesn't suck.

if they are content about not losing the house and they are ok with the payments and the fees then go for it. You are helping them by saving the house and making a nice chumk in the process.

 

[jnevin]

sell the damn house and walk with at least 500k. Unless you're in california you'll be fine to get another house with that... good god. Someone risking 750k in equity over poor planning needs a good hard kick in the nards.

how about you buy the house from them under distress for like 800k and contractually agree to let them live there for another year...

They have 2 weeks is the problem. I'm trying to find a buyer that will be willing to rent it back to them for a period after this closes so they don't have to pay more than they have to.

 

[jnevin]

if they are content about not losing the house and they are ok with the payments and the fees then go for it. You are helping them by saving the house and making a nice chumk in the process.

That's my thought. I've exhausted every option. They have too. I'll send them a nice fruit basket when it closes.

 

[Lestat]

if they have 750K in equity, it shouldn't be hard to get a secured loan against that in order to make their immediate payments. That will buy them time to really think through all available options.

 

[bw1]

They have 2 weeks is the problem. I'm trying to find a buyer that will be willing to rent it back to them for a period after this closes so they don't have to pay more than they have to.

Two weeks? How many loans are on the property?

 

[a creed]

right now I pull in 80K + bonuses, but for me to leave I'd need to find a job paying 100K and up because of the benefits I get (stock options, retirement, medical, etc).

I've been offered some lucrative consulting jobs in New York that I've passed on.

What type of opportunity are you talking about?

for some reason I thought you were "Loaded"...................

Maybe it's just your persona........

 

[Subzeero]

Grrrrrrrrrrrrrrrrrrrrrrrrrrrr

 

[feisty11975]

That's my thought. I've exhausted every option. They have too. I'll send them a nice fruit basket when it closes.

shit send me a fruit tree! You'll have some extra pocket change hahaha