Dwan, need your foreclosure expertise
I need your advice about a foreclosure, if you don't mind.
$16,000 by Jan 31st including attorney's fees to Countrywide
Principal bal, 236k
2nd $5000 (builder lien)
fmv, 295k on high end, 279k on the low end to sell fast
4/3, 2880' 3yr old home, like new condition.
Originally paid 270k, with 30k down and added a pool. In Los Angeles County.
Payments $2000 month
(Just found out about this last night, so this is all I know dollar wise.)
Self-employed. Relationship troubles, etc. The usual.
Says this time of year is always slow, but last few months have been horrible workwise.
Prefers to save the home but if he cannot wants to get at least something.
He's been approached by every investor and including a loss mitigation "specialist" who guaranteed him for $1000 he can get Countrywide to put the amount owed "behind" the loan.
I'd like to flip this to an investor and give this man something, not a lot of course.
Can you please look at this for me and make some suggestions.
Thanks for any replies.
Dwan's doing a bootcamp sorry!
Bill
Eva Jean,
You have lots of choices here.....I really need more information to really help you, but you could try a short sale... maybe a forebearance agreement..keep it for long term rental... wholesale it to another investor... enter a partnership agreement with the homeowner (this gives you control with zero risk)....
Give me more information when you have it and let's see if we can't make you some money!!
The numbers seem okay, but a few phone calls may worth your while to build some equity. Even if you got some of the fees knocked off... it's be worth the time.
For the record....Country Wide is a pain in the #!*&^%5.
Of all the banks...I think I hate them the most!
Dwan