Posted by John P S.FL on February 02, 2000 at 23:04:53:
Ok Mark,
We need a little more info. 1) What is the house worth? 2) How many months is she behind? 3)How much repair is needed? What type of area is it in? What type of mortgage is it (conventional, FHA)? The $1,500. is it part of the foreclosure? The good thing is if she will give you the deed you can take the property “Subject to” the existing mortgage/s into a trust. Then if there is enough equity you can reinstate the mortgage or try to sell it before the foreclosure sale. This is not an easy process if you have not done it before there is more to it. I am only giving you some options at this point. The best thing you can do is go and get the answers to the questions. E-mail me after that and I will try to help you.
Opportunity and request for coaching - Posted by Mark A. Nyman
Posted by Mark A. Nyman on February 02, 2000 at 20:34:16:
Dear fellow investors,
I have an opportunity and I don’t know what to do to fulfill on the opportunity.
The seller is facing a foreclosure. The house would go on the auction block on May 26th.
She owes $95000 on the house on the first mortage and payments are $951.00/mo. including taxes.
There is another loan $15000 which she used for rehab by the city of woodburn, Oregon
I don’t know what to do. She is prepared to walk. She had originally said that she wanted $125,000 to $130,000.
She says that she got a divorce 3 years ago and hasn’t been able to make it on one income. I checked the records and it says that she bought the house on 6/11/98.
I have not verified any of this information. What steps must I take to make this happen.
Just from what you mention that is $110K in liens unless you can get discounts. You also need to know what the total of the back payments are, plus any associated fees by attorneys who are doing the paperwork for the bank.
You need to find the market value of the property-not what the seller wants for it. Is there any work needing done?
Get these numbers computed so that you know where you stand with this property and have an exit strategy worked out as far as your plans for the property.