2nd Mortgage
I have a short sale deal with a second mortgage of $96.000. anybody can help me with the offer to the bank?
The first mortgage is $382.000 with Saxon Mortgage Services.
The second is $96.000 with Resurgent Capital Services.
The owner purchased the condo this year on Feb. for $480.000 with 100% financing. the value of the condo probably the same or even less and its located in NY.
Thanks
you can enlarge the search radius, and note that this is not as accurate a value due to the distance,
You are right. The facts you stated do not make sense.
Which usually means if you dig a lot deeper you may find Citibank actually held a 2nd on the property. Or are we to believe the owner paid $450K cash down, then let his home go into foreclosure a year later?
I know Citibank would bid to protect their own interests, but would not bid to speculate or protect another mortgage company.
I would suggest you continue to research what happened with this property. The answer is there. You just have to find it.
[addsig]
Even if Citibank had a second why would the first position let the property go? According to the records Citibank is the owner. Yes I am digging into this one. Thanks for the post
the 1st may not have had a chance to not "let it go".
A junior lien holder as the right to step in and cure the default of a senior loan.
May be all citibank did was foreclosure on their 2nd and cure the 1st so they now "own" the property subject to the 1st.
I suspect that CountryWide originated the loan, then sold it to Citibank. CountryWide probably serviced the loan for a fee, but Citibank actually owns the note and foreclosed on the property.
Just because the bank was the high bidder at the auction, does not mean that they bought the property for that price. The bank was just bidding to protect their interest and they would have driven the bid all the way up to $649K if there had been bidder interest. Since the bank already owned the note that was secured by the property, the bank did not really purchase the property for $213K. Their cost basis is whatever price they paid for the note they purchased and the cost of the foreclosure.
I work with people in foreclosure here in Florida. I research the Les Pendens and their mortgages. More often than not, the Plantiff of the Les Pendens (foreclosing morgagee) does not match the name of the morgagee on the recorded morgage. It is difficult to know who is a servicer, who is a lender, who has the note, etc.
The lender as a whole is taking a nonperforming asset off their books and making a new (and presumably good) loan at the same time. What could be better than that?
[addsig]
You will have to justify the addtional $20k in repairs to your lender. This should not effect the short sale as the contract price will be $80K.. However, the appraisal will need to be high enough to warrant the additional funds.
The cash out should not effect the short sale at all.
tarponkiller & TheShortSalePro: Thank you for your replies.
Has anyone ever had a lender under a SS ask for surplus funds?
I would hate to pull $20K out only to have the lender request it back.
Or
Is there a better way to do what I am trying to do? Any help is appreciated. Thanks!
My move would be to control the property by controlling the note (even thru an option)
in the mean time you might want to confirm the following:
are the any city /county zoning violations
can it still be operated as a hotel / bar
what about the liquor license
The total commission is set by agreement between the Listing Broker and the Seller. Then, the Listing Broker decides if he will co-operate with other Brokers and if so; what the split will be. If the split is not acceptable to other Brokers, they will not work the listing.