foreclosure - Posted by Julie Gordon

Posted by Julie Gordon on April 30, 2002 at 18:03:37:

399 Lawton Street, Atlanta, GA 30310
needs bath and kitchen (approx $2700), roof ($7500), hvac ($3500), electrical ($1000)
mortgage balance $221,000 appraised $296,000

777 Central Avenue, Atlanta, GA 30315
total rehab: $25 - $30K, loan: $157,000 appraised $186,000
repairs based on contractor’s estimates.
I am open to any and all suggestions.

Thank you for any help you could give. 404-210-7064

foreclosure - Posted by Julie Gordon

Posted by Julie Gordon on April 02, 2002 at 09:19:29:

I have 2 properties. I stupidly allowed a property manager to contol the monies available for the rehab and payments to carry the note while the work is done. This person claimed he invested the money and it is no longer available. He has promised to give the money back but to this point has not. Because I can not afford the mortgage payments, I will have to let the properties go if he doesn’t come through soon.

My question is what options do I have?
I have searched for buyers but no one wants to buy the properties without the rehab money.
I have not located anyone that will take-over the notes and purchase the houses for the repair costs.
How does a deed in lieu of foreclosure work?
Is bankruptcy a viable option? My credit was excellent.

Re: foreclosure - Posted by David Garcia

Posted by David Garcia on April 29, 2002 at 18:22:31:

Where are your homes located at? What work do they need?
Whats the balance & what are they appraised for?
I might be able to help you.
David (843)267-1760