Calling all 'Big Dogs'
Ive got a guy here in Camarillo, Ca. who has 40,000 in eq. & owes 4,500 in back rears. Whant's to deal but swears somebody has promised him he can stay there for free for 6-months, & will pay back the bank as well as put $5,000 in his pocket!!! Can someone explain to me like I'm a 4-year old how this can be done? I'm obviously not up to snuff like I thought I was. Oh, did I mention he still owes $300,000? Riggs
Setting terms, is he? Tell him that you are interested and may be able to solve his problem, but he'll have to pay for a present owner title search, and an appraisal. Tell him that he needs to have that done within 5 days. Hand him the name and number of a certified appraisor, and a Title Searching firm that can deliver a present owner search for about $100 within a few days.
Once you learn what he owes.... what the place is worth.... and what it could possibly cost you if he doesn't move out in 6 months....
then you'll be able to make an informed decision.
Wanna save some time? Move on to the next deal.
The reason he says he can stay is because in Calif. it is approx. a 9 month process for the sheriff to remove you after the foreclosure has gone in to proceedings. I know this because my ex-husband worked title insurance in So. Cal. and we watched many properties take at least 9 months from the initial NOD. Of course if he does that then he ruins his credit and all that goes along with it.
Good Luck,
Kristen
I guess he is planning on waiting until the end to try to get an equity loan... just a guess but that's what it sounds like for him to be able to sit for 6 months with no payments.
Kristen
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WHAT: BIRD-DOG CHAT SESSION (Informal)
TIME: 10PM TO 11PM (EASTERN TIME)
WHEN: FEB. 23RD
WHERE: HERE ON TCI!!!!!!
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