How to convince someone in family to do a short sale instead of foreclosure?
debk asked:
He does not want to disclose all his finances and is too lazy to get all the info together and would rather just let them foreclose. He has assets and cash. He is older and very stubborn person in family. Very good real estate agent has been reduced to tears and we can’t talk to him and convince him he is stonewalling the whole deal.
he insists the mtg. co. is holding up the sale by asking for the necessary info
Hannah
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He does not want to disclose all his finances and is too lazy to get all the info together and would rather just let them foreclose. He has assets and cash. He is older and very stubborn person in family. Very good real estate agent has been reduced to tears and we can’t talk to him and convince him he is stonewalling the whole deal.
he insists the mtg. co. is holding up the sale by asking for the necessary info
Hannah
November 20th, 2011 at 9:45 pm
Avery
You cant. Old people are notorious for being stubborn in financial dealings. Get conservatorship or something…
November 22nd, 2011 at 3:15 am
Alexander
If he’s the owner, then it’s really his decision isn’t it?
November 23rd, 2011 at 10:47 am
James
Hmmm…. sounds tough. Maybe you could try doing a loan modification, by helping the owner negotiate with the bank to get you a lower rate and/or longer payment term?… Sounds like a tough owner though.
Anyway, maybe learn about loan modification, it might be a good option.
Good luck!