Need Help...
A friend of my sisters lived in Indiana and moved out of her "unsold" home back to Oregon. She has now missed 3 mo of payments.....is there any way I can help her with this? I do not know how much she owes on the property. How can I find this out or can she? Can I buy her home from the bank, rehab it, then resell?
Thanks everyone in advance for advice. I am just starting out and need all the help I can get!
Sincerely,
Michele W
Zuriel Investment & Staging, LLC
The easiest is to take over the house, make up the back payments ,update the home and resell it. Of course after you have done your homeowork and check values, this can be a quik way to make $$.
Good luck
its possible that it has not sold due to what is owed against it. You need to check the value and compare it to what is owed against it.
It is rare that people have the equity required to sell the house or fix it up and flip it if they are behind on payments.
Thank you all SO much for your advice. She decided to short sale with the real estate agent helping her. I am glad it is out of my hands, but at the same time sad because it was something I really could have learned from! Now I just need to find some investors to help me get on my way birddogging.........it isnt as easy as I thought it would be in my area of Indiana.
The problem that was told (at least in CA with this bank) is they said no, we will not take the deed in lieu.
I always thought it was a trump card you could throw at the beneficiary.
Good luck.
You can all save some time here:
After nearly 5 years in loss mitigation, I have done one (1) Deed in Lieu. I had to buy the $170,000 note for $90, 000 cash from Bank One.Bank One - a "prime" lender. We then gave the homeowner a Deed in Lieu of Foreclosure and did not file with the bureaus. Nice of us, eh?
My point is, sub prime lender hardly ever, if ever, give deeds in lieu.
[addsig]