Posted by ZNICK on November 05, 2004 at 01:15:32:
I’d clean it up, there’s penalties adding up that might be OUTRAGEOUS!
Z
Sub2 Tease… - Posted by stan
Posted by stan on November 02, 2004 at 06:16:59:
All,
130k fmv
890 pmt (piti)
6.5 int
105k 1st bal
4/2/2 (be/ba/ga)
behind 2 mos ~ $1,893
The foreclosure process takes 6 mos before sale on courthouse steps – therefore there are 4 mos to go.
My question is – Assuming that I acquire the deed sub2, do I wait to pay off the back balance (1,893) when I get a tenant/buyer using their option deposit / downpayment funds?
Re: Sub2 Tease… - Posted by Tom-FL
Posted by Tom-FL on November 02, 2004 at 18:14:59:
You said:
– behind 2 mos ~ $1,893
The foreclosure process takes 6 mos before sale on courthouse steps – therefore there are 4 mos to go. –
Has the foreclosure process started or are they just late?
Re: Sub2 Tease… - Posted by CARE
Posted by CARE on November 02, 2004 at 17:54:17:
If you wait longer, then the back payment will go up too. Do you have enough reserve for 1-2 month payment plus any repair?
Clear Disclosure to Seller - Posted by JT-IN
Posted by JT-IN on November 02, 2004 at 08:50:41:
Stan:
What was your agreement and understanding with the Seller…?
If the Seller is expecting you to save them from foreclosure, as well as their credit, then you have an obligation to do so. If the deal was that you will do your best, but not guarentee to save the property from foreclosure, then you have discretion on when and how you proceed.
Personally, I always present a solution to the problem which entails paying up payments and dismissing any suit, if filed… immediately. In my opinion, by not offering that type of resolute action it leaves you wide open to legal action from the Seeller… unless you have some powerful documentation to suport your approach and their acknowledgement of the process. Again, just my opinion on the subject… of Subject 2…
JT-IN
Re: Sub2 Tease… - Posted by John-Fl
Posted by John-Fl on November 02, 2004 at 06:39:19:
Many people suggest waiting. However, personally I make the arrearages up the day after the sellers move out regardless of whether I have a t/b in place or not. That’s just me.
Re: Sub2 Tease… - Posted by stan
Posted by stan on November 03, 2004 at 10:21:15:
Actually, I don’t know the answer to that – I guess I’d better find out, heh?! Thanks for the comment/question.
Re: Sub2 Tease… - Posted by stan
Posted by stan on November 03, 2004 at 10:22:44:
My intent was to make any upcoming payments, but I was thinking that it would be advantageous to NOT make of the back payments until I get a t/b in the house.
Re: Clear Disclosure to Seller - Posted by stan
Posted by stan on November 02, 2004 at 09:03:29:
I’ve not promised anything yet. And, I don’t have any intentions of not paying the back payments – I just wasn’t sure, from a cashflow position, if I can reasonably not make up the back payments until I get a tenant/buyer (and let him/her put up the money).