Posted by Gerald-DC on January 22, 2002 at 22:36:13:
Please provide more info. Where is property located? What is the FMV of the property in its “as is condition”? What is the FMV of it when it is repaired?
When you say he wants to sell his two mortgages do you mean he has two notes on a property that he owns or is he holding two notes on one or two properties?
Why do think the investors are walking away from this property if he is apparently willing to give the property away for no compensation? Is the property over emcumbered? i.e. more is owed on it than it is worth?
Fill us in on all of the details and perhaps one or more of the learned body here can provide some useful insight.
Hi! I’m new here so please bear with me. My information may be off-center.
I have a friend who is wanting to sell his two mortgages for no profit. Total mortgages = appx $123K. The house needs appx $15,000 in repairs. The house sits on 1 1/2 acres of land and has a separate apartment where the basement used to be.
He’s having a problem with investors who seem interested but won’t commit to anything definite after looking over the property. So far, all the investors that have looked at the property seem interested but he hears from them once more and then nothing. It’s too weird for words.
How can he get these two mortgages off his back? (laid-off from major corporation, divorce and possible foreclosure). Any ideas? We’re out of ideas.
Posted by Brent_IL on January 22, 2002 at 22:55:00:
By “no profit” do you mean nothing added on top of the face value of the mortgages?
Mortgages are sold at a discount. A discount of 30-40% is not uncommon in some situations. Is the problem he’s having with investors due to the property, or is it the yield?