Taxes Behind
Hi All! This is my 1st tax deal. I am not sure what to ask. I will give scenario. HELP!!!
Appraised Jan 2001 $ 158,000.00
Mortgage bal. $ 108,000.00
Interest rate 13.3%
Taxes owed(behind) $ 11000.00
Payments are 2 months behind
Payments $ 1220.08 per month
Needs approx $ 1500.00 roof repair
NO other repairs
Owners are pretty desparate to get out from under this property as they have moved out of state. The property is in TX
She does have renters in there now.
I had her sign a letter of authorization for the mortgage co. So I could call and negotiate w/ them (I haven't called them yet). Would I try and neg. a 'short sale"? She is 2 months behind but not in foreclosure yet. The tax lien will be filed soon (she called it 'getting sued').
What is my 1st step? What to do..What to do?
Thanks...! Bonnie 
This is definitely a Subject To deal. See if you can get the purchase the property from her with the liens on the property and pay off the liens. Make sure you get a title search done! There might me more liens on the property than you can handle.
Bonnie,
Always my pleasure.
Do a title search first it is worth the money.
If you do not have the cash to do a 'short sale' then this deal should be negotiated as a Subject 2 deal.
Calling the lenders is not advisable at this time unless you have cash to do the 'short sale'. But, I think you have mentioned before that you were looking for people with money to invest.
On a Subject to deal you would just make up the back payments and make arrangements with the tax people if this is possible.
If you need further help and wish to pursue just keep posting. You will need the money for the past due payments and you may be able to negotiate with the tax people.
Let us know.
John $Cash$ Locke
"Short Sale Cash???"
"I Tawt I Hurd this B4!?!"
"I Did! I Did!! I Know I Did!!!"
Derrick to Bonnie S--Derrick to Bonnie S--
You know my number so use it when you get the time YOU KNOW I STILL GOT MONEY4U!
Derrick Ali
PS. excuse the humor for those of you whom don't get it---just my personality oozing through!
[addsig]
Tweetie Bird,
I have got your number too.
Cheap, Cheap, Cheap. (Baby bird noise)
You are right this deal only takes a little bird seed or bull manure for the bird seed to grow. Having trouble separating the two.
Just my sense of humor, flying thru.
John $Cash$ Locke