I have a client that due to the poor economy is in a position where he may lose his property to the Second Trust Deed holder. He has been trying to develop the property for over five years and the lenders which approved him for his construction loan at the last minute declined it. He is down to his last "nickle" so to speak and he is concerned that he may lose the property.
Here's a hint tonight.
No one wants to take back a raw piece of dirt even though it has a map approved, at least not today. Also for the Second Trust Deed holder to take the property he has to pay the first(which is current). Do you think he wants to pay off the first to protect his position when the First Trust Deed is ten time the amount of the second?
Not a Chance!
What I shared with him this evening is that he has to Negotiate from a position of strength. Use the facts that I just alluded to in this blog, Renegotiate the amount of the loan and increase the loan amount to make up for the back payments that are due as well as buy himself another years worth of payments by increasing the note another 100K for example.
Now is the time to stand up to the trust deed holders and not let them push you around!
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