My First One, And It's Juicy!
Ok here it goes. He is in default for 3-4 months on a $1.6 mm victorian in Pacific Hieghts San Francisco
1st $870,000, total payoff from the prelim title report is $1,012,2111. (100K default balance, 28K payment penalties, 15K Interest)
2nd $301,472. Seems to be up to date, so far.
IRS liens
1 - $71K
1 - $165K
Spousal Support lien $45K
That puts it all around 1.5+mm. The home sat with a realtor for 3 months with no offers at the asking price of 1.495.
Here are my questions:
1st & 2nd notes are both BanK One. Are they shorted at once or individually? Does someone have teh loss mitigtion number for bank one?
How does one go about shorting 2 IRS liens?
Do IRS liens follow the individual once house is sold if not paid off?
It's either a short sale or this guy is going down. Other ideas?
has anyone done a discharge of federal lien form 4422?
Each mortgage loan must be addressed individually. Though Bank One services both, they may be owned by different Investors... each with their own servicing requirements. But, it doesn't sound that the first would have any motivation to discount. Is it possible that the second was made by BankOne as a bailout/catch-up loan?
You would need POA to approach the IRS in an attempt to obtain a release of lien(s).
Why wouldn't the first be motivated? There is no equity anywhere as it stands now. All the notes started as a differrent lender which ended up being sold to bank one.
I can get POA no problerm.
T
I added the numbers you gave, and it looks like the total payoff is: 1,595,472
You said its worth 1,600,000 but he had no offers at 1,495,000.
I would re-think the 1.6 mil value, it doesn't seem to be accurate, make sure you can re-sell this thing once your in it.