Check pre-foreclosure Numbers, Don't add up
Hello All
First I’m new at investing in pre-foreclosures
I have found a pre-foreclosure in my area, a really nice town home with garage, less than 2 years old.
I’m trying to understand the mortgage balance and payoff info.
Please look over these numbers and let me know if they add up to you?
Original Loan Amount: 101,600
Loan Date: 05/2001
Monthly Pymt: 1301.00 at 7.25% ( way high, taxes and fees are 360/month, ins 100/month)
Last Pay Date: 08/2002 (4 are outstanding, 4 X 1301 = 5204 in arrears)
Total Assessment: 94,866
Loan Balance: 100,443
1 Lien: about 6000
Question:
Is the 6000 lien reflected in the balance, if not then this person must have not put any money down because there is no equity.
Or if the 6000 is in the loan balance, what is the chance of getting the 6k reduced ?
This is a nice property in a high demand area in FL,
Does anybody see how to make any profit with this property other than renting?
Thanks!
D
Not to trying to get off your subject, but I'm curious on how you found this property? Any good story behind this? Thanks!
Bginvestor..
I have had success getting city leins reduced big time. But I always had an angle...the property was going to be demolized and had big liens. I told the city why pay 5 grand to doze it and never collect your lien money. I explained the big loser they had while holding my checkbook. Instead reduce the liens bigtime "I have my check book ready Mr. City guy" and I will rehab the home and put a new tax payer in... promise. They signed up no question, almost made me wonder if I could have took possesion for free. Your situation is different since you are looking at a nice home, but you have to find an angle and if you don't have one money Right NOW always is a good talker in any situation.
TTFN
gtrzndrums
How did I find this property?
Foreclosure Listing book that I purchased. The list has all foreclosures coming up for sale at the courthouse, Lis Pendens (pre-foreclosures) recent sales etc.
I'm sure your city has one.
I am also pretty new and have not taken over any pre-foreclosure homes to date but in most states the local paper has legal notices. In my state they show up as a land court notice that foreclosure proceedings willgo forward on such and such a date meaning after this date an auction will be scheduled. I have been getting the paper daily and looking up the person phone number in the yellow pages or on the internet. Then call then immediately. This is the earliest way I have been able to get the notice lead. I am working on how I can get to be buddy buddy with the court recorder but haven't found a better way yet. The problem with the subrscriptions is someone has usually beat you to the punch.
good luck
TBARBER