Pre-Forclosure Advice
Good Evening All,
I just rec'd a call from a homeowner who rec'd her Lis Pendens on Oct 29.
She's in the midst of a foul divorce (aren't they all) and is looking to unload the house (or her share of it).
Assessed at $299K...
FMV at $365K (approx)...
1st mortgage - $200K...
2nd mortgage - $54K... according to homeowner this is the defaulted lien.
I'll physically inspect and order a title search tomorrow a.m.
Here's my question... having never been involved in a foreclosure or short sale... what to do first??
Thanks In Advance
"or her share of it" is the first place to start! If you don't have the husband's cooperation, do you really want to be in the middle of a partition action?
Assuming you get cooperation, your first step is to identify what the seller wants. What does she need to move on? How long does she need?
Shorting the second is a long shot, but reinstatement may work.