What Would You Do With This?
I was sent the following lead and thought I would see how others would respond .
Retail Value: 105000
Loan1 Balance: 84700
Loan1 Interest: 6.25
Loan1 Pmt: 655
Loan2 Balance: 18900
Loan2 Interest: 17.5
Loan2 Payment: 322
Behind: No
Owner is motivated but lacks cash to sell home.
Let's see how creative we get and what new things I can learn 
[addsig]
I don't see any money in this - because of the 2nd
only if i could refin. the second would i proceed......kenmax
and i only see long term apprec., buy and hold, unless you are in a area were you can see a short term.....good luck.....kenmax[ Edited by kenmax on Date 07/18/2004 ]
The second is a major problem. Since they are current in their payments a short sale is probably not viable.
Is there a pre-payment penalty on the second?
Who's the 2nd lender?
Tell me more about owners motivation?
If you rented it out what could you get for a monthly rent?