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.