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I assume you were in a non recourse state? Your strategy as I understand it would only work in a non recourse state.
by abduhl 2y ago
I assume you were in a non recourse state? Your strategy as I understand it would only work in a non recourse state.
- scarface_74 2y agoTwo of the mortgages for one investment property were sold so many times, we were able to negotiate a short sale. The first mortgage short sold for $27K when I owed $120K and the second mortgage negotiated a pay off for $1000 on I believe around $25k. For my home back then, the second mortgage didn’t ask for anything and I believe I was able to negotiate around $10K and the short from what it was sold was around $50k. The fifth mortgage I never heard anything back. I think it sold for around $50K less than owed in foreclosure. My backup plan was bankruptcy. I had a place to stay and all of my assets were in my protected retirement accounts.
- datavirtue 2y agoGood job, dude. Awesome.