Posted by Mike on September 16, 2003 at 04:47:05:
new york
Foreclosure - Posted by Mike
Posted by Mike on September 14, 2003 at 19:23:17:
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
What State is the property located…? - Posted by JT-IN
Posted by JT-IN on September 15, 2003 at 19:27:48:
Depending upon where it is located and what rights of redemption you may have as the owner of record, will determine whether you could/sould put up any money to acquire the Deed.
What do you do if you put up the 2K or so, and then can’t stop the sale…? I call that gambling, and I would rather go to a casino and rely strictly on Lady Luck, than fool around with such a technical and legal area as foreclosure, then lose your money.
Sounds like it could be a very good deal if you could protect yourself from losing any money… by the house being sold out from under you, after you have invested money.
JT-IN
Re: What State is the property located…? - Posted by Mike
Posted by Mike on September 15, 2003 at 19:58:24:
Well here is what happened. There was a 1st and 2nd loan. The 2nd foreclosed last Wed. Which means the person who bought the loan bought it for $44,000. and now owns a house, with a $100,000.00 first mortgage.
So the guy doesn’t walk away with a clean title but the house is worth $300,000! So he can resell it and still walk away with a HUGE chunk of change!
I missed this by only a week and it is killing me!