Foreclosurefreesearch.com
Hello,
I am shopping for a foreclosure site. I live in Virginia which is a non-judicial state so finding foreclosures seems at this moment ,difficult. Was wondering if anyone has worked with these people and what your thoughts were.
Marianne
sefrede,
Glad to meet you.
I would advise checking the figures you posted first.
FMV = 225K
1st = $204K
2nd = $82K
Upside down = $61K yes, this house is amazing that someone would loan this much on it.
You might want to look into shorting this one. Just curious what is the interest rate from Stockyards?
John $Cash$ Locke
[addsig]
I usually state that I will be putting the house into a trust for taxation purposes. Then I state that there is nothing unusualy about this, people have been using trusts for a hundred years for taxation purposes and that FL land allows for easy transfer of property into land trusts. Then I move on.
Is the credit card debt attached to the house? When you searched public record, did you find that the credit card company has had something filed? Is this their homestead property? Credit card debt is usually a non issue on property. I have heard that it is not difficult to get the IRS to release the lien so that the property can sell, but that the debt is still owed. (I have not done this, only heard).
Actually they want to walk away from the house debt free in exchange for my negotiation services. This means I have to negotiate all the credit cards to be paid off and the IRS.
I was wondering if anyone had experience negotiating IRS debt.
Mike,
So what happened to the deal?
-Krish
Here is what happened...
I got cold feet because I was scared of negotiating with the IRS because their methods of judgment are different than a bank or a regular lien holder. After talking to a lawyer about doing an Offer in Compromise if they determine the guy can pay in the future they prefer the whole amount spread out than a lump sum.
Hence I helped them do a loan modification on their home, made a friend in their family, and will probably get the house in the future after I try to straighten the IRS situation out.
Thanks before to anyone who gave me input.
My two experiences with Wells Fargo is that they want very close (almost 100 percent) of the PBO price and that they will not pay many of the traditional sellers closing costs. So concentrate on getting a low PBO.
Brenda