ANY IDEAS??? - Posted by ryan

Posted by Randall Porter on July 27, 2001 at 12:57:23:

One piece of missing info on this deal is the current condition of the property. Does it needs any rehab, and if so, what will that cost? You should also find out a little more about the mortgage, ie interest rate, variable or fixed, does payment include taxes & insurance, origination date, etc. You want to make sure you don’t take over a loan and find out later on that the payments jumped due to a spike in the interest rate or even worse, that the note has a ballon payment.

But, from what you have posted, this may be a workable deal. It sounds like you could buy this “subject to” the first mortgage by coming up with around $4500 to re-instate the loan. Also, it sounds like the actual balance on the mortgage may be around $38-39K once the loan is reinstated. If the repairs are minimal, you could either retail the house to a home owner or sell it on a L/O to a tenant buyer. If you collected $2-3k down from the TB along with the first month rent, your out of pocket cash could be minimal.

ANY IDEAS??? - Posted by ryan

Posted by ryan on July 27, 2001 at 11:56:51:

I received a call this morning and I am wondering if any of yoiu may have some ideas for me! The FMV of the home is 60K the payments are $449.00 and the auction date of the home is Aug. 30th. she just received a payoff letter including what is behind at 42,494.00 the letter she received before this last letter in May said that she was behind $4,248.00 Any ideas on what I could posssibly structure to help this situation? She has already moved out, so doesnt have any interest in staying. Any ideas???

Re: ANY IDEAS??? - Posted by frank

Posted by frank on July 27, 2001 at 14:02:29:

I don’t know where you are and if your seller is in foreclosure. If you are in California and she is in foreclosure CAUTION California has special proceedure you need to observe.
Best of luck