Is This A Good Deal? 1st Foreclosure Deal! Goes To Auction In 10 Days. Advice Please.
I was reading the NFS and a name caught my eye. An pretty good friend is losing a property and I would hate to embarrass her by letting on that I know. Do I help by saving the foreclosure ? Is this even a good deal? The facts are: Loan amt: $425K A$$e$$ed $738K Judgement $645K. What exactly is the judgement ? Is it legal fees? The property is commercial in a prime location. Great appreciation area. Do I get involved? Would I approach the friend and try to catch up payments ( which haven't been made in 2 years @ $4K/mos) then refi it ( since the int rate is 9+%) or try to buy at the courthouse? 
Hi BethE,
I dont understand why the judgement is $220,000 than the loan amount, unless the 2nd is the one foreclosing and the $645K is the total for both 1st and 2nd? If that is the case, the 2nd and or 1st may be interested in a short pay if they have not been paid for over 2 years.
I would look into the details a little further. Run over to the court house and have one of the gals pull the complete file for you. This should explain what is happening in more detail.
It would be ok to contact your friend via a personal letter, rather than trying to send her foreclosure marketing. Tell her that you saw the notice in the paper, you are familar with the foreclosure process she is in, and if she would like someone to talk this throug with that you are there to help!
Best of Success!
BAMZ
A letter may take too long...we were at a wine tasting two nights ago. It might have been a great conversation after a few glasses! But seriously, I will go to the courthouse tomorrow so please check back tomorrow night to give some more great advice! Thanks BAMZ!
If the letter is a no-go, make sure that you sit next to her at the next wine tasting event!
Let us know what you find!
BAMZ