Posts

Can This Be Worked In My Favor

rparik profile photo
  • Friday, February 03, 2006 @ 10:26 AM EST
  • 3 Comments
pre-foreclosure home with two mortgages.
1st : 800K
2nd: 200K

FMV: 1.4M

2nd is foreclosing on the house.
Is there anything I can do and benefit from this situation? Can I buy the note? Can I buy it at the steps?

thanks.
  • (3) Comments
  • Score(0)

Comments(0)

  • jllaco
    jllaco31st January, 2006
    0
    Reply

    You could buy at the courthouse and become responsible for the first, either making the monthly payment(if not called DUE on sale) or paying in full if you have that kind of money. Guess it depends on what you want to do with the house, resell or occupy and if you can hold it for hte period of time it takes to sell.

  • jllaco
    jllaco31st January, 2006
    0
    Reply

    You could buy at the courthouse and become responsible for the first, either making the monthly payment(if not called DUE on sale) or paying in full if you have that kind of money. Guess it depends on what you want to do with the house, resell or occupy and if you can hold it for hte period of time it takes to sell.

  • rparik
    rparik3rd February, 2006
    0
    Reply

    Followup question.
    So, does that mean that I have to pay up the 1st mortgage at the auction or when?

Please Sign In to Comment.