Re: UPDATE ON PLEASE HELP US L/O - Posted by Robjan
Posted by Robjan on April 19, 1999 at 09:03:19:
Thank you to all of you who responded to our last post re: the home that was 4 mts. behind in 1st and 2nd mortgage. Here is the long update of the property in question. We did go to talk to the woman Sunday, heres the scoop.
Home is in a ritzy neighborhood of high priced homes.
The home in question was bought by the occupant from a friend on a land contract in 1994 for $260,000, 100% financing at 10% 30 years… The property is owned by an older couple who live in Michigan and gave their son control to do whatever with the house.
About 1-1/2 yrs. ago the son took out a 2nd. mortgage of $70,000 at 15% interest for 15 years. The occupant was to see some of this money but never did. She was paying the mortgage and the 2nd.
First mortgage month payment $2872
2nd. mortgage monthly $989
This is a very tangled web.
The occupant gets the sons mail and saw a letter from the mortgage company that he needed $15,000 by April 15 but doubts he has done anything about it. The are behind now 5 months payments in both mortgages. Over $15,000 now. She feels confident that she can make him responsible for the 2nd. mortgage. She seems to have alot of influence over them. The current occupant is not the one in trouble here but her moral values feel bad for the parents who have excellent credit until this and own outright their own home in Michigan. The son also has the house listed with a REA but the REA is a friend and is willing to be very flexible on the whole thing. They all are willing to be very flexible to find a solution to this problem (except coming up with the money is my guess) The current occupant would like very much to stay there since she runs a profitable day care out of her home and takes care of her elderly mother as well. Shes a strong lady and will move if she has to but feels some responsibility to the parents to save their credit.
They are willing to look at any and all options. Appraisal on this home is $325,000.
Boy, hope I didn’t forget anything. Any suggestions to this tangled web? All parties concerned very motivated and flexible. Thank you guys so much for your help. Love this site.
Robert and Jan