170k, owes as much as home value, SUGGESTIONS?

got a motivated seller.. a month behind on payments.

5bed/4bath

home value: 170k
amount owed: 170k

1st: 80k
2nd: 70k (home equity loan)
3rd: 20k

monthly payments respectively:
750,1100,250

I need some creative ideas to help this guy out. One idea that popped into my mind is to let it go into preforeclosure and do a short sale... is that prudent? Thanks.


[ Edited by mcmoxie on Date 05/20/2003 ]

Comments(0)

Add Comment

Login To Comment