Posted by Nev Swift on November 19, 2004 at 02:06:06:
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buy generic viagra order generic viagra onlineBOFH Excuse #256:
If anyone would give me some advise I would really appreciate it!!! I have a deal working with a couple that needs to move due to health issues and loss of income. They have a plan and know where they are going. This is a 16 x 80 2002 Oakwood mobile home on 1/2 acre which is included on the note. This home is immaculate. The mortgage balance is approx. 51k. with 9% interest. The note is 410.00 monthly P & I only. They are 2 months behind for a total of 820.00. Insurance is paid thru 2005. Taxes owed is 848.00 for 2 years. Breakdown after arrears and taxes are paid per month are as follows:
Mortgage: 410.00
Insurance: 50.00
Taxes: 37.50
Total 497.50
I realize this home is upside down, but does it make sense to take it over with a junior lien (deed in lieu of foreclosure) and service the loan which they would have full liabilty on? Realistic rent would be around 650.00 per month and I could get 2500.00 to 3500.00 down on a lease option. Is this realistic for the long term?
Rhonda
Posted by Eoin Williams on November 15, 2004 at 19:45:04:
Vobec existencia zariadenia s takymto nazvom nas o
[v spolupraci s CHAR(50)]
PS: Povodne to malo byt “Vobec existencia zariadenie s takymto nazvom nas
opravnuje pochybovat o existencii vesmiru ako takeho.” a zariadenie sa
volal “BA-KOR-NEEXISTUJE”.
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Posted by Tim (Atlanta) on June 10, 2004 at 06:51:15:
Rhonda,
This part of your post troubles me :
“I realize this home is upside down, but does it make sense to take it over with a junior lien (deed in lieu of foreclosure) and service the loan which they would have full liabilty on?”
If you realize the property is upside down, why would you want to invest for the long term? Now I don’t know your market to be able to say if $51k for this property is upside down or not. That is up to you.
You also state that you want to take it over with a “junior lien (deed in lieu of foreclosure)”. I am not sure exactly what you are talking about there. A deed in lieu of foreclosure is a tool utilized by the bank whereby the owner agrees to deed the property to the bank instead of facing a foreclosure. The owner can’t issue a deed in lieu of foreclosure to you. You are not the bank. However the owner can deed the property into a land trust that you control. This method is used more commonly in stick built homes, but it might work with a land/home package so long as the home is on a permanent foundation and is considered real estate.
Either way you do this I would not recommend that this remain a long term situation. You need to lease/option this property to a new owner and try to get them to exercise the option to buy. This would pay off the original note on the home and would net you a profit as well.
If you are intent on persuing this : Set up a land trust and have the owner deed the property into the trust. Louis Brown has some excellent trust materials as do many others. Once the property is held in a trust that you control, lease option the property to a new owner. Make it a 2 year lease or less. Then help the new owner get to the point where they can exercise the option and get you and the previous owners out of the deal. You see the original owners still have liability with regard to the note that is on the home until you satisfy the note.