Help Newbie - Posted by inger

Posted by RLBrice on July 22, 2006 at 08:21:54:

I think that’s spelled “lactated”.
…oops! Wrong board!!! (grin)

~bob

Help Newbie - Posted by inger

Posted by inger on July 21, 2006 at 17:31:47:

Hi All,

I’ve got a home owner, who is divorcing her husband. The mobile stats are this. The house loan is 56-58k, they bought it in 2001, 1200 sq ft, they pay $530 per month. They don’t expect to make anything, they want to break even. They haven’t had it long enough to make much, but she told me they are headed towards foreclosure. I need help on structuring the deal. I looked info up on Zillow.com but I don’t know if the information is current, I also can’t find my ususal information on Portlandmaps.com. The lot shows the whole lot not individual spaces. How do you suppose I do this. Should I have her bring all her docs to our meeting.

Re: Help Newbie - Posted by Rhayder

Posted by Rhayder on July 21, 2006 at 20:30:26:

Okay maybe I spoke to early. First thing …what do you hope to get out of this deal?

Re: Help Newbie - Posted by Rhayder

Posted by Rhayder on July 21, 2006 at 20:28:49:

Unless there are recent sales in the area for around $80k forget it.

Re: Help Newbie - Posted by Luke-MN

Posted by Luke-MN on July 21, 2006 at 20:07:51:

Read Deals on Wheels if you haven’t already. I don’t see much ability to make this a deal. The outstanding loan balance will make this very difficult to work for a Lonnie Deal. I have recently heard of people doing short sales on these foreclosures, but that is advanced stuff.

Re: Help Newbie - Posted by Bobbie

Posted by Bobbie on July 21, 2006 at 21:12:44:

Inger,

Where are you lacated?