Sales Is In 7 Days Please Help!!
Ok, this is the scenario.
I have a lay down homeowner. Says I can have house for whats owed.
I have a 2nd mortgage holder who is foreclosing on her. he said he would take a 1k deposit and a letter from my bank saying I'm good for that amount and do a short sale for the payoff amount and stop the foreclosure.
My queston is, since the 1st mortgage holder was named as a plaintiff in this too, do I need to get them to agree to postpone this, or ? If mortgage holder 2 withdraws his foreclosure doesnt that mean they (1st lien holders) have to foreclose themselves and that means they have to start the process all over again? meanwhile giving me the 3-4 weeks needed to my money.??
This is a home with 30k of equity in it, I plan on moving into this one. Wife has high expections, help please, must make move tomorrow.
G
$30,000 in equity? A mortgagee approved short sale will be tough to get.
If you plan to finance your purchase conventionally, you'll need to present your Contract For Sale, your mortgage loan prequalification, and a request that the foreclosure sale be postponed so that you can complete the purchase.
Seems that if both the first and second joined in the foreclosure as co-plaintiffs, you'll need for both to move to have the foreclosure sale adjourned.
thanks!
It's already negotiated and set at 32k
I just saw the legal notice of the case, the 1st mortgage holder is not even listed
as a defendant much less a plaintiff.
So what does this mean?
Wont the 1st have to start a foreclosure from scratch if I buy the 2nd note?
Will I get the time I need to get conventional finacing?
btw- here's the specs
1700 sq ft 4/2 birdcage pool home, great neighborhood.
86k 1st
38k 2nd <-- foreclosing.
got 2nd to take 32k
3k needed for rehab, carpet and green pool mostly. 1300 sq ft houses in this neighborhood go for 150k. Should be at least worth 160k.
thnx,
G
[ Edited by GWmson on Date 08/05/2003 ]
I guess I didn't fully understand your first post. Securing a short from the first mortgagee would have been next to impossible. The second has discounted in an amount equal to it's anticipated legals fees...
Is the first mortgagee foreclosing? It may be by separate action. Is that loan current, or delinquent, in default, or in foreclosure? Do you plan to bring it current, or simply finance the acquisition via a mortgage loan?
1st is just in arrears. It's listed as in foreclosure but that's because of the action of the 2nd mort holder.
According to the 2nd mortgage holder, they did not join the lawsuit since it would have been redundent to do so, since they were first in line to get paid anyway.
Bank moving at snails pace, cant even get preapproved on this deal, supposed to hear something today. Should have went to a mortgage company instead.
Home owners phone out of order now, (disconnected maybe?) so I cant keep her updated, looks like this deal is sinking fast.
thanks for the help,
G