Posted by matsua on February 19, 2004 at 07:28:00:
JeWood
The house is in Powder spring GA. First morgage is $117,500 at 7.875% - second Morgage is 28,425 at 9.75%. They owe $150,000 and the Value of the house is 165,000.
Thanks for your help
pre-foreclosure - Posted by matsua16
Posted by matsua16 on February 18, 2004 at 19:20:21:
Where do I go from here? I am in the process of writing my first contract on a house that is in preforclosure. The owner has missed the first payment on the 15th of this month. She has a first and second mortgage on the house. I called the bank today to see if they would be willing to do a short sale with me. The bank called my client and told her that it would not be a good idea because she would still be left with a balance. Can someone help me salvage this situation?
Re: pre-foreclosure - Posted by JeWood in CA
Posted by JeWood in CA on February 18, 2004 at 21:57:38:
Matsua, what state are you in? Foreclosure laws vary from state to state and for anyone to offer any useful ideas, you need to get more specific about the deal. Such as location, prices involved including what is owed, sales comps for the immediate area, etc… All of these will help determine what strategy whould be used.
Good luck and good investing,
JeWood