Posted by NevilleC on March 10, 1999 at 19:25:25:
If there is only one loan on the property then:
Take it over “subject to” the 1st.
This will depend upon what the present payments are so that you can L/O or do a land ILC and get a couple of hundred cash flow and a cash payment at both ends.
Preforeclosure but numbers look tight - Posted by Mike T.
Posted by Mike T. on March 10, 1999 at 17:42:16:
A realtor I’m working with showed me a house that is going into VA foreclosure. It is listed by another agent. Here’s the numbers:
Asking price: $62.4K
Approx. balance on loan: $60K
FMV: $75k
Fix-up needed: $4500
I don’t think it’s worth getting a new loan and the owner isn’t willing to go below loan balance. It’s a divorce situation and she seems ambivalent toward the foreclosure (her ex will lose his VA benefits). Also, it looks like she’s behind in her payments ~4 months ($2000-$2500). I know this looks pretty skinny, would appreciate any ideas of how to make it work or should I move on?
Thanks,
Mike