condo foreclosure
A condo next to me will be auctioned off in 3 weeks. Owner owes $100,000. Condo is worth $150,000. He really wants to keep it but I don't think he can. Said the bank told him to come up with $10,000 and $1800 per month after that. No way he can do that. The lawyer who is in charge is not very helpful. If I want to get this condo how can I go about it? It's a Ct Housing Finance loan. Do I have to wait for the auction? Tyhanks very much for any help.
Hi,
Do you have access to a hard money lender? That would be a way to get into the property...or
Have the owner sale you the condo for what he owes on it, plus I am sure you'll have to pay for the lawyers fees, since it is almost to foreclosure sale...
$1,800/month, oh my...what is the lender proposing? Why such a high monthly payment on a property that has a 100K note?
Can you afford to get his payments and attorney fees in good standing for him, if so..do that, and become a % owner in the condo.
If you don't have the cash...can you get a loan for his balance and attorney fees...have him sale it to you...I dunno the specifics, but certainly you have options.
To your success,
Mike T
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I can come up with the money but the question is is it possible to buy before the auction? The lawyer is not very talkative and I was told at this point it's gone too far for him to sell. Who do I contact to buy the condo and what is a fair offer. The owner of course wants as much as possible but what will he end up with after the auction besides bad credit?
until the auction takes place, the owner is still the property owner and can sell it if he chooses to...the lender cannot block the sale as long as they get all the money that is owed them..the lender wants the mortgage satisfied..they don't want the condo
Chris
I can come up with the money but the question is is it possible to buy before the auction? The lawyer is not very talkative and I was told at this point it's gone too far for him to sell. Who do I contact to buy the condo and what is a fair offer. The owner of course wants as much as possible but what will he end up with after the auction besides bad credit?
It's always possible to get the loan back in good standing, even up til 1 minute before the auction starts, for the owner, it's termed in Fla. as the owners "right of redemption."
I am not sure if you can buy the property outright from him at this late pf date. Short sales usually occur eariler on in pre-foreclosures...3 weeks isn't a whole lot of time for a short sale, but it's always worth a try. You should have the owner contact the lender and have him ask for one...if they say yeah...then I would make an offer of 110k.
Or like I said earlier...just loan him the 10K + attorney fees to get the loan back in good standing, and become a % owner of the property, like a limited partnership, do you follow me?
To your success,
Mike T
[addsig]