Newbie needs views on FC
Going through some dockets in my county I came across a 3br 2b sfh under foreclosure.
Facts:
1) Owners are from out of state.
2) The husband is deceased, which apparently caused the
FC proceedings.
3) Bank one is FC on an assignment of mortgage received from Crown bank for approx, 36k.
4) This mortgage, which is apparently a second, went to
motion for summary final judgment on June 5th and was granted a final judgment sale for July 7th.
5) About two months after bank one fc filing, the fnma files
a FC proceedings for approx. 65k claiming bank ones claim
is inferior to the interest of fnma.
6) That a bank, that is no longer operating, was delivered a
a note and mortgage which was lost by the plaintiff (fnma).
7) On county records there was apparently a mistaken satis-
faction of the fnma mortgage when the defunct bank closed
operations.
Fnma summary final judgment hearing is for the June 23rd
9) I had a person( who lives close by the widower’s current address) visit her, but he was unable to make contact so he left two handwritten letters to contact him.
SFH Facts:
1) Comparables 115k -130k
2) SFH in good condition(Viewed from outside)
3) ARV 120k
4) 1st mort.,int,att fees etc 65,000
2nd mort.,int,att fees etc 36,000
Total 101,000
Questions:
1) Do you think there is time to persuade bank one to take
a discount(S/S) on this?
2) Does fnma do S/S?
3) What happens when the 2nd FC sale is first?
4) Of course everything here is contingent upon me getting
the widower to talk to me, but if all goes well and I
persuade her to give me a POA, PC,AR Should I go straight to bank one for a discount? Or should I wait out ihe FC sale?Any comments and suggestions would be much appreciated.
Thanks,
Rodney
Not much time on this one. Do you have cash? Cash is king.
From what I'm reading, the first would have no incentive to discount. The second mortgagee might, even though they would likely be made whole in a f/c and REO liquidation.
David, thanks for your response. One more question, if I had the cash would I try dicounting the second, and bringing the first current?