While doing some research in the county courthouse today... - Posted by HR

Real Estate Investing
1

Posted by HR on April 26, 2000 at 20:08:28:

Lenders here give folks about a year before they lower the foreclosure hammer. That’s just too many back payments for a property with no equity. I can do much better with that cash.

HR

2

While doing some research in the county courthouse today… - Posted by HR

Posted by HR on April 25, 2000 at 23:22:26:

I came across this preforeclosure scenario:

Couple bought a sfr in August 1999. Loan somewhere around $55,000. OK neighborhood. They defaulted on the first payment, October 1999 and haven’t made a payment since. Go figure: they buy a house but never made a payment. Oh well…

HR

3

My research shows about 3 years is the make or break, - Posted by David Krulac

Posted by David Krulac on April 26, 2000 at 20:16:11:

if they last more than 3 years there is usually some equity to protect, less than that they figure what the heck, I might as well walk…
David Krulac

4

Gee Hal, I can tell you haven’t been investing in GA. 50% of the f’closures here have been owned less than 6 months. LOL - Posted by WilliamGA

Posted by WilliamGA on April 26, 2000 at 16:06:01:

.

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Here is another weird one for you. - Posted by Rob FL

Posted by Rob FL on April 26, 2000 at 08:12:11:

About a year or so ago, I came across a house for sale FSBO. It was in probate. The owner bought the house via FHA and a month later committed suicide in it. What the heck is that all about??? Why would somebody go to all that trouble to buy and then end things so quickly. I guess I shouldn’t try to figure it out.

Anyway, no equity and 3 months behind on the mortgage. I tried to work a deal with it but the probate lawyer and the heirs wanted nothing to do with my ideas. They ended up doing a deed in lieu of foreclosure to the lender.

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Re: While doing some research in the county courthouse today… - Posted by Ben in Ohio

Posted by Ben in Ohio on April 26, 2000 at 07:48:50:

Are you going after the house??

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What county are you working? - Posted by Monique

Posted by Monique on April 27, 2000 at 22:18:16:

William,
Sounds like you have some experience working foreclosures in GA? Which county(s) are you targeting?

Monique

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I wish that were true here… - Posted by HR

Posted by HR on April 26, 2000 at 20:13:16:

Here in N’awlins Louisiana, lenders seem to give folks about a year before they start to foreclose. I’m not sure what kind of deal makes sense in this scenario. Any ideas?

I did see one that might make sense. Guy was losing house to foreclosure. 1998 loan: hence no equity. Note was only about $250/month, though. I figure if I made up a year of his back payments, plus fees, I may be into it for about $4000. the house may rent for 400/month. Actually, now that I’m typing this, even that is a lousy deal. That will barely produce a positive cash flow. Heck, for $4000, I can buy a house!

Any ideas on techniques, anyone, with no equity properties with 9+ months of back payments?

HR