Need Help With Deal - Posted by Mike

Posted by John on September 17, 2004 at 06:07:53:

You said they filed for BK.

Unless the property is released from the BK there is nothing you can
do. Even the lender can not foreclosure until the property is released
by the trustee for the BK.

Tell us a bit more and maybe we can suggest more specifics. Or send

Which note is in default (both I would guess)? Have you contact the
lenders? Will the 2nd discount?

Coming up with the 10K is something I could easily do if there is
enough profit on the table. This deal is OK (not great) depending on
the BK.


Need Help With Deal - Posted by Mike

Posted by Mike on September 16, 2004 at 14:35:19:

I’ve found a couple who are about to lose their house. They are ready to simply walk away. Here are the stats:

Home is in Ocala Florida and is 4 years old. FMV is Low $145K to $155K high. 1800 S.F. 3/2/2 that is immaculate. Needs nothing. Was a parade home. Newer neighborhood of homes up to $260K. Desireable area with almost no others for sale in the subdivision. Owners filed bankruptcy and they owe first mtg $92K and 2nd Mtg $8K plus $2k back taxes. It appears from paperwork i’ve seen, 2nd mtg is due and payable in full as are taxes. I have 700 FICO but don’t believe I could bank finance this as my debt to income ration would not allow. Any ideas to come up with the $10K to take over this mtg? I wouldn’t want to keep the house, but simply put it back on the market for a quick sale.