HELP!!! - My deal fell through - Please read - Posted by Elizabeth (NJ)

import · July 30, 2003, 1:40pm

Posted by winston on August 01, 2003 at 22:17:48:

Hi if you still have this deal,e-mail me. I might be interestad.Will be able to do something.

import · July 30, 2003, 1:40pm

Posted by Elizabeth (NJ) on July 30, 2003 at 13:40:06:

Hello to all.

I guess I announced it too soon – several weeks ago I had the owner execute a Quit Claim Deed, deeding the property over to me and I had a buyer, but the deal fell through. Now I need help or advice or both please:

If anyone is interested, here is what I have.

1 family home w/rentable basement in Jersey City, NJ
4 BR, one and 1/2 bath
First Floor: Formal foyer, LR, formal DR, kitchen, utility room behind kitchen,
Second Floor - 2 Bedrooms, 1 full BA
Third Floor - 2 Bedrooms
Basement: full basement with 1/2 BA which can be made into full BA (it’s huge and the plumbing/drain is in place for a shower or bathtub)
back yard, side yard & small front yard
home is completely detached - lot size 25 x 100 (standard size here)
Corner property on main boulevard going thru town, very good area.
Market analysis of home: $250,000
Owes $136,795.11 on 1st mortgage
Owes $27,084.08 on 2nd mortgage
Title is clear.
House is in good condition, doesn’t need any repair, just needs painting inside, new carpeting, and update the kitchen (they’ve lived there for 25 years).
Foreclosure is scheduled for August 21,2003 but we can get 2-week extension

I have a Quit Claim Deed signed by owner, deeding property to me, which is properly notarized. Problem is I can’t record it until I arrange financing to pay off the existing mortgages & I don’t have the money or the credit to get my own financing.

The anticipated transaction to sell the deed/property fell thru because the buyer wasn’t qualified (my fault for not checking myself).

The owner is willing to give the house back to the bank but doesn’t want to do this because they can still come after her for any shortfall.

There’s no way to make this a short sale because the mortgage companies (Citifinancial/Wells Fargo & Beneficial) play hardball with everyone & refuse to do short sales.

I need someone to put up the money to pay off the mortgages, put about $5K to $10K into brightening & freshening up the house, and then we can sell it. Or I’ll take any suggestions that can show me a way out of this without losing the house.

Please let me know what you think.

Thanks.

Elizabeth