The letter from lawyer say your total bal include all my fees are 99250.00 i m not sure if its includes property tax or not,this is a house. current fair market value CMA is 105000.00.
seller is going to fax me letter from lawyer and authorization to talk to lawyer or lender on there behalf.
I,ll find out tommorrow wht lender wants,are they going to reduce or do something if i bring the loan current,
my plans are to lease option the property to my buyer
What you need to know is what is the amount to bring the loan current. Figuring that it is likely 5-6 months in arrears there is likely 6-8K to bring it current after deliquent payments,late fees, trustee fees, etc. Depending on the trustee they may take awhile to tell you the exact amount. On the assumption that you have the cash ask yourself if it is worth it. You invest 8K to have a 91K mortgage on a house worth 106K. You need to do a through inspection of all work needed. Paint, carpet, cleaning repairs, advertizing, payments until you find an occupant.
Post this at PACTtrust too. Looks like you are going to need it with not much profit margin. But before you post, you’re real short on info. What is “+ taxes”? And the $99 means(???) all the liens and all the back payments and all the interest and attorney fees, etc.? Is this a haouse or condo. And “appraised value” means what — is it today’s current fair market value — that’s what you need to know, not much else will help determine value. And what will it rent for? Will the lender keep the loan in place if it is brought current? (You need to get that in writing and know the total amount needed to do it if they will let you.) What do you plan on doing with it if you get it? There’s lots you haven’t told, might as well start over again.