Can I get some help here…? - Posted by JeffR
Posted by JeffR on April 02, 2002 at 19:37:09:
I posted this earlier today but got no response. If there is not enough info or I am doing something wrong here please letme know. No offense will be taken.
I have a possible first deal in the works and am meeting with the sellers tonight (postponed until 3 Apr 5:30). Here is what I know after talking with the wife on Monday 1 Apr.
House is a 4 bedroom 2 bath 1900 SQFT in a nice neihborhood.
The Grant Deed is in the husband and wife?s name.
The loan is in the husband?s name.
They are getting divorced and its final 16 Apr.
Judge told them if they don?t sell the house then who ever stays must buy out the other party. They have choose to sell it.
They had the home listed with an agent for $214K house did not sell (listing expired in Feb)
Here are the numbers that I know at this time:
Appraised (Sep 2001) $225K appraisal was done for a second mortgage (probably high). They did not get the second.
Recent sales (off the internet) $195-$210.
Property profile ran with title company today. Recent sales were $228K High, $185K Low (3/2), and $202K Average
Home bought in Oct 98 for $150K.
Monthly Payment $1,387 PITI.
They are behind $14,494. NOD filed 7 Mar 02
Here is how it looks:
Selling price: $200,000
Loan Balance (Approx): $146,000
Net Equity: $39,000
The $15K NOD must be cured! What are a couple of options I could do to make this deal work? $15K is alot to cover. Although, there is plent of equity.
Some additional info:
The lady did not know alot about the loan because she would pay the husband and he would make the house payment. Yeah right! She moved back in with him last summer and she said the payments were behind by 6K. They decided to file Chap 13 and included the 6K in with the filing. At the last minute he decided not to file Chap 13 and she filed on her own. I don?t think he has made a payment on the house since then. I found out today that the 6K she included in the Chap 13 was included in the the $15K NOD. Any help would be appreciated.