Brady Durr here with mortgage medic USA I'd like to talk to you about a borrower
workout. I picked up this little house asset and from another asset
manager located in Battle Creek Michigan. The homeowner had actually made a payment
while the files are being transferred and it had a note it something to the
fact that they were sorry their are be hind and had to make some repairs on the on the
house that was fine and so as the time progressed the loan servicers had
figured out that determined that she did want to stay. Facebook
revealed this, that she wanted the other person in title with her on the on the
land contract to be removed.Tthey had a falling out he went one way and she
stayed with the property and one of the suggestions from the legal team was to
do seller finance and my initial gut gut thought was that this is
not a great idea for now because they start to reasons a couple of reasons
number one the homeowners we haven't a demonstration of changing their
behavior to make on-time payments and if you're not making on-time payments on
this land contract which there are three hundred less than three hundred dollars
a month why would you be on time with a with a
seller finance note so I wanted to see change in behavior. Number two There's
cost incurred to transfer over to seller finance paper and number three now we're
gonna have to use the foreclosure process if she does not perform on a
freshly crafted piece of paper so you know my mind is that the it's I'm want
to see behavior change that you're you're willing and able to make on-time
payments to show that you're ready to ready to stay and if the homeowner
simply just wants that individuals name while filling in contract QCD will will
suffice to meet that requirement so and I would actually be more than happy you
know stead this out actually weren't happy to help
with the cost on that I'm I want to help the homeowner get what they want
at the same time manage my risk with this with this asset so anyway I just
wanted to share with you how one of the exes one of the workouts we're trying to
do with this with this asset and how you might have out strange opportunities or
oddball things pop up that that you can leverage it up your homeowner but at the
end of the day it's all about mitigating risk and trying to help your
homeowner while you leverage that risk. So anyway thank you for watching this
video with Mortgage Medic USA
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