Please help me with psbl foreclosure deal & thank you
Principal bal, 236k
FMV, 279k
To bring it current, 16k (by Jan 31)
This man is self-employed. Says this time of year is always slow, but last few months have been horrible. Relationship troubles, etc. Prefers to save the home but if he cannot wants to get at least something. Someone offered him 25k,then changed her mind and offered him $4000 to walk away. He refused. He's called everybody including a loss mitigation "specialist" who guaranteed him for $1000 he can get Countrywide to put the amount owed "behind" the loan.
I would like to help this man but I want to make sure I don't get myself in any trouble.
Can you please look at this for me and make some suggestions. (Another investor also offered to lease the place)
Sorry, it's a 4/3, 2880' 3 year old home, also has a 2nd (by builder). Excellent like new condition with a pool. He originally paid 270k, with 30 down and added the pool. It's in Los Angeles County.
The payments are $2000 month. I am really sorry. It's late and Im tired.