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Into trial phase

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Regular Contributor

Into trial phase

Starting trial phase of taking over exes foreclosure property. They are refusing to waive a single penny so the costs are well above the original purchase price now, which is ticking me off, but seems there is nothing I can do about it but take it or walk. House, once repaired, will be worth the additional expenses, just makes me mad to have to pay 1/3 more plus repairs than the dang thing was bought for and I had nothing to do with that loan or default. And he doesn't have anything to do with any of us or it now.

BUT, with that said, I am saving the house! Trial (don't understand that either) starts June 1st for three months, then we are done. All papers signed, dotted and transferred. I am "buying" my first home.
Message 1 of 4
3 REPLIES 3
Established Contributor

Re: Into trial phase

IS this a short sale?


Sometimes, these banks and asset managers don't know what they are doing when it comes to "real market values" of assets and if you wait them out, you might find that the value of this property and the paper that gets transferred from one lender to another depreciates significantly when it comes time to place the asset back on the market to be sold. 

 

(this is when you'll see superfluous fees "written off" or "Charged off" the books so that you the buyer don't get stuck with them.)

 

Of course your agent might have a different opinion and perspective on this as well, so please be sure to reach out to them and see.

__________________________________________________

Licensed NC Mortgage Loan Originator
Message 2 of 4
Regular Contributor

Re: Into trial phase

No, they refused to short sell the house to me.

Since we were married when the house was purchased they would only allow me to assume the loan even though we are divorced, have been for a while and I was never on the loan, mortgage, note, etc. I was on the deed.

If you know of anything, please let me know because even the payoff amount they will accept is less than what they are sticking me with. Property value currently doesn't even hit original purchase price which is why I could not just refinance the lower amount and am having to go through them.
Message 3 of 4
Established Member

Re: Into trial phase

Probably easiest to keep all posts in one so everyone has the background.  But an assumption is you taking over the loan as is, so not surprised at all that you have to pay all the accrued, interest, fees, etc.  this is not a purchase and you can’t compare it to one.

 

Short sale would never work as it’s not an arms length transaction.

 

As for the mod part of your assumption there usually is a three month trial period for you to show you can make the payments.  That is what you are starting now.  At least you are hopefully towards the end of this process.

Message 4 of 4
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