Posted by phil fernandez on February 07, 2001 at 09:48:02:
Assuming there is no work to be done to the house,the spread of $99,000 and $80,000 ( mortgage balance and back payments ) would be fine with me. The one thing you will want to check up on are other liens on the property. Alot of times when someone is in trouble you will find other liens, 2nd mortgages and equity lines of credit also attaching to the property. Do your research.
Also get written permission from the owner to get the exact monthly mortgage payment and the total back payments from the mortgagee.
And I would not give the owner anything above the mortgage balance and back payments.
Posted by Sherry W on February 07, 2001 at 08:23:44:
Hi,
Well, I have just been doing rehabs. Have LeGrands L/O course, but have not started L/O yet. Received a call yesterday: this woman called and she is loosing her house by back pymts. She has not made a pymt since May 2000.
Don’t know if there is a deal or how to structure this.
Appraised last yr. $99,500
Mortgage bal. $74K
Monthly pymts. $719…59
Behind in pymts. $5756.72(by my calculations)give or take.
She was suppose to pay $5600 by Jan. 30 to catch-up pymts.
She wants to try to sell it for 80K. But she is so desperate she will probably walk away if I handle it right.
She wants to quit or quick claim the property to me.
I have been doing rehabs. Nothing like this. I know there is some research to do.
She has appointment with her attorney today and is suppose to call me this afternoon.
Should I try to structure this deal and how would I?
I am a newbie to this. All advice greatly appreciated and needed.