2 mortgages, pre-forclosure & - Posted by Taylor

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.

  1. Does the 860.00 per month total include taxes and Insurance?

  2. What could you get per month for this house in rent?

  3. 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?

  1. 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?

  2. 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.


2 mortgages, pre-forclosure & - Posted by Taylor

Posted by Taylor on December 28, 2000 at 02:47:58:

I have a co-worker whose house is in foreclosure. She has two mortgages on it totalling 85K. Currently it’s not occupied. (She’s going through a divorce, four months behind in payments and just wants out. Payments are 860.00 per month total.)

She states that she would be happy to receive only the outstanding balance… This property is also listed with a realtor for 94.9K

My question…is it possible to take this property “subject to” to the first mortgage (68K)and negotiate a deal with the second where I could pay them maybe 5K and walk away holding the property in a trust???

How does one get in that superior position to negotiate from that standpoint???
My exit plan is to sell on a wrap or L/O. Any constructive advice would be greatly appreciated. Thanks in advance.