Still dealing with a stubborn 2nd, who insist upon getting a $15,0000 defiency judgement frome the www.homeowner.I even upped my offer to $3,500 , but they say that they would rather go through with the foreclosure if they cant get the defiency consent. The homeowner refuses to sign(says that she cant afford it). They are owed 34,000 on the 2nd. The first is waiting approval,and so am I.
perhaps the second realizes the property is worth much more than they would have to pay to foreclose, what is the property worth? 1st owed, 2nd is owed 34k, so some details would help. they usually will deal as it gets closer to the sale date. I bought foreclosures in Macon for a while.
Huh? Please describe where this is coming from so we know how to respond.
Still dealing with a stubborn 2nd, who insist upon getting a $15,0000 defiency judgement frome the www.homeowner.I even upped my offer to $3,500 , but they say that they would rather go through with the foreclosure if they cant get the defiency consent. The homeowner refuses to sign(says that she cant afford it). They are owed 34,000 on the 2nd. The first is waiting approval,and so am I.
perhaps the second realizes the property is worth much more than they would have to pay to foreclose, what is the property worth? 1st owed, 2nd is owed 34k, so some details would help. they usually will deal as it gets closer to the sale date. I bought foreclosures in Macon for a while.
the first is owed 140000 the house is worth 170000 and it is in need of plenty of repairs.
Well, you convinced me (almost, that is) that there is no equity in the property. Now all you have to do is convince the holder of the 2nd.
As it gets closer to Courthouse sale day, they will be more receptive to your proposal.
[addsig]
What does the lender thnk the property is worth?
And just to throw another variable into the mix, read this article:
http://finance.groups.yahoo.com/group/SPOCH/message/12