Posted by Kerry PA on February 17, 2001 at 01:21:01:
Good idea,I’ll call next week.
Foreclosure Newbie - Posted by Kerry PA
Posted by Kerry PA on February 15, 2001 at 20:46:08:
I got found a house thats going to be foreclosed on, Here are the spec’s.
1st-----------BT&T mortgage co.------$ 8,000.oo
2nd-----------PA Housing-------------$15,000.oo
???-----------HUD--------------------$ 6,000.oo
Equity Loan—Credit union-----------$ 7,000.oo
Total $36,000.oo
House is worth $67,000.oo and i allready have a buyer for $62,000.oo I would to owner fin. %100 for some monthly income.Here are the Qustions…Does HUD tend to discount there liens?Owners are just walking away from it(there seperated).What would be the best way to buy this property.1st mortgage only has 4 years to pay on it.If anymore info is neaded,…just tell me.Thanks to all.
Kerry
Re: Foreclosure Newbie - Posted by jim
Posted by jim on February 16, 2001 at 11:35:58:
Have you checked to see what taxes are owed on property? good luck.
Re: Foreclosure Newbie - Posted by David Krulac
Posted by David Krulac on February 16, 2001 at 08:59:29:
you could buy the first and take the property to foreclosure yourself and wipe out the juniors. However, the juniors could bid their mortgage which would get them the property adn you would get the face value of the first or $8,000. With as much equity as there is it is doubtful that the first would give a big discount, but as they say it does cost anything to ask.
hth
Re: Foreclosure Newbie - Posted by Harley-CA
Posted by Harley-CA on February 15, 2001 at 23:35:06:
Kerry,
If the numbers are as you say they are, you may have a deal here. Does the house need any work? Also, what part of PA are you in?
Harley-CA
Re: Foreclosure Newbie - Posted by Kerry PA
Posted by Kerry PA on February 17, 2001 at 01:18:05:
The first mortgage is PITI.So, three months behind.