Foreclosure Deal…Help, Please. - Posted by Terry Dunlap
Posted by Terry Dunlap on January 28, 1999 at 18:24:15:
I have a potential deal, but am not sure exactly how to proceed. Here’re the basics:
*Homeowner faces foreclosure proceedings on Feb 4.
*Owes $6,000 plus fees.
*Home purchased for $75,500 in 1996.
*Appraised at $84,000 in 1998.
*Currently in Chapter 13.
*Husband & wife both working.
*Mortgage terms: $71,400 for 30 yrs @ approx. 11% making payment about $711/mo.
*Payoff is about $72,500 (mortgage co. says it’ll take 5-business days to get an accurate payoff… please!)
How can I help this family while at the same time make some money? If necessary, I can afford a 20% down payment on any plan which involves actually buying the house. As most investors, I would prefer to use as little of my own money as possible.
Any help would be greatly appreciated! Thank you all in advance.
Terry in Ohio