URGENT - BIG Deal. Please read - Posted by Seth

Posted by LATINBANK on June 26, 2004 at 12:44:21:

Get to the Banks atty as quickly as possible. Get a layout of all the fees they are aksing for, everything…then try to negotiate.

For you, write out what terms you can and can’t live with. Once you have a full break down of the numbers, which are always inflated…do yoru own numbers and let them guide your decision.

LB

URGENT - BIG Deal. Please read - Posted by Seth

Posted by Seth on June 26, 2004 at 11:05:53:

Hi all,

I will cut right to the chase. Here are the facts:

There is a house which is going to auction in about 2 weeks. This is my family’s old house in which my mother still holds a second mortgage on (which hasn’t been paid). I received a Notice of Sale saying that the approximate amount of the lien is $854,055 plus interest and costs along with the date/time of the auction.

My understanding is that if it is not sold for more than that amount, my mother will not get anything. If it is, then my mother will get some of the $40,000 which is owed to her on the 2nd mortgage.

I would like to try and buy out the banks position before the auction. For example, if I goto the bank and say I will give you $700,000 cash. Even if I cannot get a huge discount on it, is this possible?

I would then like to turn around and re-sell it and pay back my mother her $40,000. The property should currently be worth around 1 million dollars.

Does anyone know if this will work, and if not, does anyone have any other ideas. Please help as this is an urgent matter.

Thank you,
Seth
sgordon730@yahoo.com