i have direct mailed this man who has home going into foreclosure on feb 2… mortgage is 108,000 2nd mortgage is 5,100 and 3rd is 6,000 house was appraised anywhere from 125-135,000 said that he had filed a chap 13 and was paying almost 1600.00 a month back payments on it and recently filed chap7 and thinks the house was included…he has lived in the house for 10 years and needs no repairs …what kind of mess do i have and is there anyway to get anything out of this?
thanks
i just pulled up my info sheet an also noticed he has almost 2,100 in back taxes …now as far as the chapter 7 the house couldnt be included i am assumming because he was told the court still has a date of feb 2 for the auction is this a possible short sale? and is it possible for me to neg the short sale and then do a double closing on the house with someone that does have the money to do this? sorry for all this but i am new to the game and trying to figure it out
thanks
Howdy Investone:
Sorry so long to respond. Find another deal. Too much debt and dealing with trustee a pain for no gain. You would have to do a short sale to make any money and get courts permission if still in BK. The posting will be cancelled if still in BK and if you could do a short sale with the 1st and 2nd lien holders. Kind of complicated but it can work.
In Chapter 7 the homestead could have been claimed as exempt which means the owner would have to cure the default to keep the house. He can also convert a 7 to a 13 and set up a plan to pay back the arrears and start making regular payments again. This would be of no interest to you because of the hight debt to value and the high payments required.
Hope this helps
Too much time and not much money to make. Time to move on to the next deal, remember time is money and waisted time is money lost.
ok thanks for the reponses