Posted by henryIL on August 11, 2002 at 23:27:30:
I dont know how much the bk pay off is will that matter or affect my deal at all. thanx
Good pre foreclosure deal need help…Thanx - Posted by henryIL
Posted by henryIL on August 11, 2002 at 16:09:55:
Ok guy calls me up co signed for brother and house is 5800 behind in payments. Wants to save his credit. Deadline from bank is 8/16. He is willing pay 5800 to save credit if he can sell and recoup.
Ok, I Told him he pays 5800 I buy on L/O or subject to for payoff and then ill pay him back 5800 when I resell.
Or How about how about He doesnt pay anything and I try for a short sale. So How do I go about this. I am very comfortable speaking with bank I just need to know what to say.
Payoff abou 84k worth 125 w about 5k in fix up. Payments right know are 800. I coudl get about 1200-1300 mo rent
THANX IN ADVANCE.
Forget the Short Sale… - Posted by JT-IN
Posted by JT-IN on August 11, 2002 at 21:08:05:
Henry:
Sheriff Sale scheduled for 8/16, then it is too late to discuss a short sale with lender. The take considerable time to piece together, and most (all) lenders won’t even discuss the matter at this late juncture.
The rest of the deal sounds fine… Why not have him pay the 5800 to cure the default, then buy subject to, and repay him out of proceeds…? Sounds entirely doable.
Just make sure the house is empty, and you are no longer dealing with the unreasonable brother…
The spread on pymt vs. L/O rents is quite good… Where is the problem?
JT-IN
I forgot to add the brother is in a ch13 bk. - Posted by henryIL
Posted by henryIL on August 11, 2002 at 16:17:30:
THANX
Re: Forget the Short Sale… - Posted by henryIL
Posted by henryIL on August 11, 2002 at 23:33:25:
Well the sheriff sale isnt on 8/16, thats the deadline for the money due…then they will initiate foreclosure. Also I forgot that the loan is FHA and I have read that they usually wont short sale most of the time…This will be my first deal btw…So here is my plan for tommorrow. Get payoff,find out if there are any back taxes due…How do I find out if there are any other leins, who do I call. Thanx guys
Re: I forgot to add the brother is in a ch13 bk. - Posted by BK13
Posted by BK13 on August 11, 2002 at 22:33:48:
How much is the brother’s Ch 13 payoff?
Re: Forget the Short Sale… - Posted by Ken(IL)
Posted by Ken(IL) on August 12, 2002 at 06:39:14:
Make sure that you know that the lending institution will be charging “legal fees” to make up for their loss during the time of default. Because of the 8:1 ratio on defaulted loans, they might want to try to stick you with a substantial penalty. You may need more than the default monies.