Posted by Jon Richards on February 25, 2002 at 19:06:21:
The $24088 must be for more than interest and penalties from Oct to Feb. I get only about $8,100 in interest. Who knows what their payment history was?
I doubt you can offer Countrywide a buyout. It will probably be sold at auction. But they may be amenable to a renegotiate loan. See below
A more interesting strategy is to approach the $3,500 2nd lender, and offer them a small amount, say $100 for the second…then promise them if you make any money you will give them more. As it is now, the $3500 will be sold out.
Then you can take over the payments, negotiate with the bank, and see if you can make it work. Many times a bank in trouble on a property, may let you renegotiate the note.
Best of luck
800 487 1864