Posted by WilliamGA on December 28, 2000 at 14:00:26:
We need a little more information to really be able to tell you how this thing should go.
Does the 860.00 per month total include taxes and Insurance?
What could you get per month for this house in rent?
How much is the total owed on the second that you want to discount to 5k?
4.Is she 4 months behind on both mgts and if so, has the first (or second) started any type of foreclosure proceedings?
You say that the house is currently listed for 94k with a realtor but what is the actual value (verify by comps) of the property?
Does the house need any repairs to market it?
I can think of several different ways to work this one. If the second is for a lower dollar amount they may entertain a discount to the 5k figure you mentioned, maybe not. I just tried a similar deal and the second seems ok with the first foreclosing them out, go figure.
If the value of the house is indeed the 94k the realtor is asking and you can get at least the total pmt amount needed to cover the mgts, you may not need to payoff the second at all. Great if you can, but not a must.
Give us more info Taylor, I will be glad to help you.