FORECLOSURE..... HELP ME!

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My friend and husband just divorced
neither wanted the home because they owed $4000 or so in late mortgage. Per them they dont care what happens to the house because they said they are about to forclose on it anyways. Both of them have walked away from the house and left it vacant... I know there is something I can do to possibly help them and to kickstart my REI since I am a beginner....and willing to learn..Somebody please help me step by step on what I can do here...or tell me where to turn to for advice....thx for all your help!!! confused

Comments(3)

  • InActive_Account6th January, 2004

    Would you have the 4000 to pay up the back pay? Have forclosure proceedings began? Are you able to talk to both the Husband and Wife?

  • michalrew20th April, 2004

    Stop the forclosure
    Pay the 4000 k if you have it if not borrow it .First of all check comps for the area
    find out how much equity is in it then try to find private morgage broker to find the lander . Get an appraisol and hire home inspector if the house is more then 20 years old for any structior problems
    get with the rest later

  • InActive_Account20th April, 2004

    Try to get your friend and ex-husband to let you take over the house sub2. Explain the sub2 process to them. After they have signed the agreement,bring the payments up to date. Then you can start your marketing for a buyer. What is the FMV of the house? What do they owe on the house? Are there any repairs needed? What will they cost? As a beginner do not take a house with no equity.

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