Obligation… (Long) looking for all thoughts - Posted by David Alexander
Posted by David Alexander on March 06, 2001 at 21:09:18:
This is not a deal I took subject to, but rather bought a second lien.
I just foreclosed on this second today. I had been talking to the first and trying to work something out to protect my interest being a large institution they dont entertain any ideas in the slightest other than pay them off, and dont understand buying their position out, which I tried before I foreclosed.
The numbers are:
Property is worth 220-230k
The First original balance of 155k (approx. 180k now with back payments and fees, etc.)
The Second, which I own is 19k (I’m in it for about 10k)
Taxes are owed to the tune of 10k and a judgement was just won last week for the city.
I figured the first would come in and cure the defaulted taxes, didnt happen.
This is a property that had been in bankruptcy for a year.
Well, now that I have it back, I have a dilemma?
Should I just go and rent the property and get my money back out and then try and owner finance it, or cash it out.
do I have any liability if I do that?
I am going to try and approach the lender again and get them to discount, and if they would I would refi it, since I now own the property.
I also have thought about trying to buy the judgement but dont know if that paper is possible to buy and then I would foreclose the first out the way.
Talk to me, scream at me, am I being immoral by talking about collecting $2500 a month until I get money back and then selling?
I wouldnt want someone doing that to me, on the otherhand I would be trying to work with someone to get a solution for all of us but the first doesnt seem to want to play.