tag:blogger.com,1999:blog-7451044254506572493.post4294019803488248944..comments2008-09-05T22:56:48.073-04:00FRANK LL0SA Va Broker- BLOG.FranklyRealty.comhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-7451044254506572493.post-20438200787977527512008-09-05T22:56:00.000-04:002008-09-05T22:56:00.000-04:00Interesting thread... Eric, what was the outcome of your situation? I am interested as I am in similar situation.<BR/><BR/>-Ben.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7451044254506572493.post-75883210455485217232008-05-28T15:59:00.000-04:002008-05-28T15:59:00.000-04:00Again, you haven't yet shown your distress.<BR/><BR/>Sure a Deed In Lieu saves them in foreclosure fees, but what, you want them to just take over the house and again eat the $200k loss? That is the crux here.<BR/><BR/>They might do it if you sign a promissory note for the $200,000 loss to be repaid over X years.<BR/><BR/>The Pink Elephant won't just go away, you have to be broke.<BR/><BR/>As for me knowing a lot. Here is another disclosure... I really don't. This stuff is changing very rapidly and there is VERY limited stuff online. So while I might know more than you, I don't even know 30% of it. <BR/><BR/>I encourage others that know more to post comments and questions.FRANK LL0SA Va Broker- BLOG.FranklyRealty.comhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.comtag:blogger.com,1999:blog-7451044254506572493.post-82659925000872530812008-05-28T15:56:00.000-04:002008-05-28T15:56:00.000-04:00Sorry...one other question.....<BR/> <BR/>What about deed in lieu?? I've been told that the bank can't offer it, but you can offer to them??<BR/> <BR/>I've also got 2 mortgages so heard that makes it more difficult.....<BR/> <BR/> <BR/>ThanksEricnoreply@blogger.comtag:blogger.com,1999:blog-7451044254506572493.post-25853226873971042282008-05-28T15:54:00.000-04:002008-05-28T15:54:00.000-04:00Yeah it isn't encouraging, since there is no magical answer where the bank eats $200k while you have $50k in the bank or home equity.<BR/><BR/>Banks aren't stupid. They will do a FULL financial background check before eating a loan.<BR/><BR/>People give banks a hard time for not making it easier on consumer that need help. The problem is, people will take advantage of them.<BR/><BR/>Everyone that is underwater will want free help. They want all the upside and then a bailout on the downside.<BR/><BR/>Again, if you are near bankruptcy that is another thing, but if you are just hurting, why should the bank eat your loss? Were you going to share with them the $200k upswing that you were hoping to make in 1 year? <BR/><BR/>FrankFRANK LL0SA Va Broker- BLOG.FranklyRealty.comhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.comtag:blogger.com,1999:blog-7451044254506572493.post-89654487645100814642008-05-28T15:50:00.000-04:002008-05-28T15:50:00.000-04:00Well that's not very encouraging.....if you were to offer up a next step, what would it be???<BR/><BR/>Is it even worth to attempt a short sale???<BR/><BR/>Thanks again- would love to keep in touch with you as it sounds like you certainly know your stuff-<BR/><BR/>Thanks<BR/><BR/>EricEricnoreply@blogger.com