Let sleeping dogs lie? - Posted by Chicago Steve
Posted by Chicago Steve on June 02, 2000 at 16:48:20:
I?m working on a deal, appraised at $180K in mid ?98 after the improperly utilized addition and prior to remodeling the kitchen. After redecorate the main bath and some
carpet and paint I expect to appraise about 200K - 210K. There is a first @ $105K+/- in default with about $8K in arrears and fees. There is also a 2nd of $31K which has not
been paid in ?a long time? and has done little more than send threatening letters.
I?m looking at curing and keeping the 1st , taking the property subject to. I?m wondering if I need to address the second immediately? What have I not considered if I ignore it for now and deal with it when forced? I know it won?t just go away. Eventually they?ll take action but their sitting pretty safe today. How long might I expect they?ll wait to foreclose?