Anything to this one

Foreclosures, Short Sales, Tax Foreclosures
1

I got a call today from a home owner with the following scenario,

Home with a value of $139,900 been in the home 2 years.

30 yr. note

7 months behind in payments (is not in foreclosure as of yet)

Has a 1rst and second mortgage (1rst at $700.00, and 2nd at $250.00)

Just entered into chapt.13 bankruptcy

Home is immaculate, needs $3000 in cosmetic work, (paint & carpet) home is 17 yrs.old

In a really nice neighborhood

The client is eager to sell.

Forgive the long winded scenario, the home owner was replying to an ad in which I was looking to wholesale.

Given the above, is there anything here? A possible short sale? I know the wholesale is out of the question.

I am as new as new can get.
Finding and reading thru this forum has been great for me.

Thank you all for your input, it is greatly appreciated

2

You seem to have given payments for his mortgages instead of balances, or did I misread?

3

are those periods or are they supposed to be commas? Makes a bit of a difference unless your talking about barbies play house.

4

The homeowner only paid down $600.00

And owes $134,900.00 total.

The house is really valued at $121,000.00

The 1rst and 2nd mortgage is thru a company called Litton loans

The home owner is not in foreclosure, but has not mortgage payments in 9 months.

Is paying $784.00 in re-payments to his creditors from his chapter 13

Is this any where near being a possible deal?