Posted by Dennie on September 17, 2003 at 13:30:44:
I would get the deed and bring the payments current and either sell the house or sell it on a lease option. I doubt any bank would agree to a short sale.
Foreclosure - Posted by Mike
Posted by Mike on September 14, 2003 at 19:21:57:
When dealing with a foreclosure, do you first try and get the deed or do you first try and short sale the mortgage and try to save the house?
In other words, I have a deal where I am offering the ex-wife a sum of money to sign over her share of the deed, and the ex-husband will sign over his name.
Which steps do I take first? Get the deed or try to save the house? If I wasn’t going to put any money up for the deed, I would have gotten the deed first, but since I am unsure how the bank will approach this, the house may be too close to foreclure to even save it.
Or, should I try and get the deed (offering a few thousand dollars) and try and sell the house as a handyman special as quick as possible to pay off the mortgage?
The house is worth (after a $40,000 rehab) $300,000.00. The couple owe the bank $160,000 + some late water bill payments. There should be about $75,000 to $100,000.00 in equity after all is said and… well paid up.
Any help would be appreciated! Thanks