Phoenix, Arizona, Is This Something!?!
Ok here’s the scenario,
Primary residence, 3/2, 1250 sq. ft., 2 story, in North Phoenix (85024), Arizona went into Pre foreclosure with Greenpoint Mortgage in Jan-04, Sale Date was Apr-04. Filed Chapter 13 to stop sale. Owners never made a payment to the trustee or to the lender (bad communication with lawyer, never knew 13 was finalized). Greenpoint filed a motion to continue the sale, judge gave 30 day continuation on 9/3/04.
The house was appraised 12 months ago (full), at 136k, recent comps are coming in high 140’s, the note is worth 128.8, with out lawyers fee and a 800. junior by the HOA. The house needs est. 2-3k in repairs and touch ups.
The current rate is a 30yr/8.5%, owners have poor credit, but a sale of an investment property pending in Douglas, Arizona that was acquired via Tax Lien, that is F&C, even at 70%FMV, could bring in 35-40k, within the next 60-90 days.
Owners want to keep the house, but don’t want to throw 6-7k in cash to get caught up and continue with the existing lenders high rate. The owners son wants to take over the house, but currently has a low fico, in the high 580’s, but only 4500. in revolving debt, no publics, BK’s, or settlements.
The owners son is getting 5k in cash on 9/20, and is trying to avoid using that on first/last month’s rent in an apartment along with utility startups.
That’s most of the information that I know, being a member for awhile though, I know its more than enough for the creative types. So there you have it, any advice from any RE background would greatly be appreciated as we are trying to do some last minute brainstorming coming off the good news from the judge this last Thursday.
If any of you feel like you might have something, but need more details, please don’t hesitate to email me.
Eric
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