Posted by gerald(tx) on August 11, 2007 at 12:18:50:
There is no deal here, even at Sub2. Plug the numbers into your calculator. The payment obviously doesn’t included taxes and insurance, otherwise she wouldn’t be in arrears. This says her loan is at around 10%.
If she says the house is worth this, I’ll bet it is actually less than $250k. If she owes $200k + $25k for the other stuff, where’s the deal?
And the chances of her refinancing? Her credit is probably shot, otherwise she wouldn’t be behind on all these items.
I don’t see a thing worth wasting a minutes time here.