Short Sale And Assignment Of Mortgage???
Hello,
I have short-saled a bank from $130,000 to accept $80,000. Property worth $135,000 with $5,000 of work. Have a buyer now for $114,900 as is to make a rooming house. TIME IS CRITICAL ON THIS DEAL. BANK NEEDS CASH ASAP. Title search came back with 2 judgments: 1 for $3,000 and the 2nd for $13,000. One obvious technique I may be able to use is give each judgment holder $500-$1,000 to get a release of lien or they get wiped out. The other technique is where my question lies. Could one actually buy the 1st mortgage for the $80,000 and then foreclose on the property effectively wiping out the two judgments. Do you know of some other investors who have done this so I can get some advice. Anyone's thoughts are welcome too please!
Greg Baugh
Winston Salem, NC
Comments(0)