Possible Short Sale? Help!
I need help trying to work out a deal on this. The owner is 1 month behind and in a few days will be 2 months behind. There is a first mortgage and a seller carried second mortgage. The house is in good shape, 10 yrs old.
ARV - $125,000
Repairs - $4,000
1st mort. - $98,000
2nd mort - $10,500
Payment - $1,213, adjusing every 6mos.
Ideas? Possible shortsale?
Thanks
ARV - $125,000
Repairs - $4,000
1st mort. - $98,000
2nd mort - $10,500
Payment - $1,213, adjusing every 6mos.
Ideas? Possible shortsale?
Thanks
Comments(0)
No. Darryl is that you?
Its worth $120-125. The $4k is just to make it "nice".
If it is worth $120,000, the first mortgagee is cushioned if it foreclosed. The junior mortgagee would be at risk. The junior would be the first one to present a settlement offer.