Foreclosure 1st And 2nd Mortgage
Here are the numbers 1300sf 3/2 1 car garage comp sales low to mid 90k
1st mortgage 63594.39 payments 627.33 arrears 6 months
2nd mortgage around 40k arrears 6 months
What can I do with this deal?
Can I short sale on one mortgage and let the other one go?
Deed the house to me and see if second lender can wipe out the loan?
Some one please give me advise on this situation
Thanks!!!
I have now post on 2 diferent topic and no one has responded to neither one of them?? :-?
Try to short sale both. The first will hopfeully give a little. Push the second to give a lot. (i.e. 10% or $4000)
Good Luck!
offer couple of grand to the second. no short just buy the note out right. closer to the sale the more willing to deal. Be ready to protect your position at the sale if need be
offer couple of grand to the second. no short just buy the note out right. closer to the sale the more willing to deal. Be ready to protect your position at the sale if need be
Are you talking county apprised value or a true appraisal?
The appraisal that was listed in the paper was 117K, and the PVA value was 123K
It is simple supply and demand. A property is worth what someone will pay for it. When people overpay it drives all the prices up.
nic3456,
Trying to get a clearer understanding of your question. You use the word "bid" in you explanation. Was the property up for auction at a trustee sale?
Also, I believe that you need to understand something: an appraisal is no more than one persons OPINION of a value, based upon what other like properties have sold for in a competing area. The 117K apraised value could simply be an incorrect assessment by the appraiser. On the other hand, maybe the buyer has additional motivation to pay more for the home i.e. special circumstances that make the property more valuable to the buyer tahn to others.
There os a whole host of possibilitites in the scenario that you mention above.