Sat, Jul 04, 2009
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Deed in Lieu of Foreclosure #2 |
dansails
52 Posts
Member Since: 02/06/2003
North Olmsted, OH
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Posted: 01:57 on 06-03-2003
Hello and thanks for reading and responding to this message. A gentleman called me wanting advice on how to stop a foreclosure on his former residence. He had purchased a new house and decided to keep and rent out his old house to cover the payments as he had little equity in it. Subsequently he was laid off and used the rent payments to cover other expenses. I told him I could help and explained a short sale to him. He gave me a quit claim deed (I did not record yet) and a limited power of attorney. I called loss mitigation and told them I was interested in buying the defaulted note. Their response was that they first had to have a BPO and would get back to me to discuss the matter. I waited 3 weeks and called again and was told they were waiting on the BPO that had been ordered.
As a side light, the house is worth $118,000 after repairs and the note is for $116,000 plus $10,000 in repairs are needed and required by the city to pass code for a new owner.
What would some board members suggest I offer for this note?
The owner called me yesterday and said that he had received a letter from the lender suggesting he sign an enclosed deed in lieu of foreclosure as the best solution for all parties. He asked me to comment on this. DEAD SILENCE ON MY END! 
Dan 440-779-4511
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RALPHN504
128 Posts
Member Since: 05/16/2003
Atlanta, GA
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Posted: 23:51 on 06-03-2003
would someone tell me where i can find all the initial's guide--what is a BPO and what does it do? thanks.
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dansails
52 Posts
Member Since: 02/06/2003
North Olmsted, OH
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Posted: 08:40 on 06-04-2003
There is no guide that I know of. I guess just reading and working in the field starts you toward the road of identifying acronyms. Frustrating for sure! BPO ="brokers price opinion"
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TheShortSalePro
3969 Posts
Member Since: 01/29/2003
Oakhurst, NJ
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Posted: 09:03 on 06-04-2003
Attempting to purchase the mortgage via an assignment at a discount is not the same as attempting a mortgagee approved short sale.
What is it that you are trying to do? If, as you say, you were seeking to purchase the mortgage, then there would be no need for the mortgagor to execute a DIL to the mortgagee.
For this, or any realty transaction to be successfull, the parties have to be on the same page.
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dansails
52 Posts
Member Since: 02/06/2003
North Olmsted, OH
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Posted: 09:24 on 06-04-2003
I misspoke and should use the words "I am offering to buy the house from the mortgagor". Calling the mortgagee and offering a short sale they wanted a BPO before even talking. Now the owner has be approached by them with a DIL -DEED IN LIEU offer- and says to me 'what should I do?'. I have offered the owner nothing as the house has little equity and needs the aforementioned repairs.
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TheShortSalePro
3969 Posts
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Oakhurst, NJ
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Posted: 09:34 on 06-04-2003
It's routine for the mortgagee to order a BPO pursurant to a foreclosure feasibility.
It's uncommon for them to suggest a DIL, or even suggest that they approach the homeowner about a DIL. Usually, that is the last option/nonforeclosure alternative that they would consider.
I would explore exactly what the Lender is suggesting. If it makes sense, and gets you the result that you need... terrific.
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LynLinz
241 Posts
Member Since: 04/08/2003
Jupiter, FL
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Posted: 00:26 on 06-15-2003
[quote]
On 2003-06-04 09:34, TheShortSalePro wrote:
It's routine for the mortgagee to order a BPO pursurant to a foreclosure feasibility.
It's uncommon for them to suggest a DIL, or even suggest that they approach the homeowner about a DIL. Usually, that is the last option/nonforeclosure alternative that they would consider.
Could you explain DIL as far as the mortgage Co offering this to the home owner? When do they do this and why not more often if they will get the house without the expense of a foreclosure or a short sale loss of funds to some one else? 
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