possible first deal - Posted by Ali

Posted by ALI on December 18, 2000 at 17:35:53:

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

thanks for reply

possible first deal - Posted by Ali

Posted by Ali on December 18, 2000 at 15:54:13:

and thanks to everyone who reply back

After one year of lazyness finally i mailed 60 letter , and guess wht i got one call, lady is despret cuz house is in foreclosure process,

apprissal value is 106
all outstanding dues 99, plus tax

how do i structure the deal

i have pac trust and also bill trust forms
bill lease option forms

wht should i do plz reply ASAP

Re: possible first deal - Posted by Bud Branstetter

Posted by Bud Branstetter on December 18, 2000 at 21:02:45:

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.

Re: possible first deal - Posted by dewCO

Posted by dewCO on December 18, 2000 at 16:36:11:

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.

Re: possible first deal - Posted by Ali

Posted by Ali on December 19, 2000 at 16:07:11:

good advice