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Credit partner needed. $361k FMV w/$227k owed. HELP!

Home Forums General Deal Makers -Ground Partner Request – Investor Needs – EHT Opportunities Credit partner needed. $361k FMV w/$227k owed. HELP!

This topic contains 39 replies, has 0 voices, and was last updated by Avatar of red12 red12 10 years, 9 months ago.

Viewing 11 posts - 31 through 41 (of 41 total)
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  • #25106
    Avatar of red12
    red12
    Member

    Well, the bank finally started making a move by sending me a NOD. Sure wish there were some other way to get rid of this house instead of foreclosure. :(

    #25107
    Avatar of janediehm
    janediehm
    Member

    Since your original post, two new programs have been added- Ultimate Mortgage Relief from LFC and 3 ARCK. The telementoring call today had a really good discussion of them which is to be continued next Saturday. It might behoove you to tune in. UMR is so new that most people haven’t begun to get a handle on it yet. 3 ARCK has been around a little longer and has an excellent track record. Try searching these archives for further info.

    Jane Diehm

    #25108
    Avatar of piloto
    piloto
    Member

    Red

    Have you any idea what the FMV is currently and are the taxes current?

    What kind of shape is the house in now?

    #25109
    Avatar of red12
    red12
    Member

    @piloto wrote:

    Red

    Have you any idea what the FMV is currently and are the taxes current?

    What kind of shape is the house in now?

    Gene,

    Got your call and finally got a chance to call you back a few days ago. I’d like to discuss this further with you if you are still willing to do so.

    Richard

    #25110
    Avatar of red12
    red12
    Member

    A little more info if anyone is interested in pursuing this any further.

    Taxes are not current (2 years delinquent, not sure of total amount due).

    FMV is (my estimation) about $230k

    Mortgage has changed hands 4 or 5 times since inception so “producing the note” may be very difficult for the current lender. Original lender went under (Ameribank).

    House is in very good condition. It was full rehab that was completed in 2008. Only had one renter (about 4 months) since completion.

    Lender has sent NOD but has not yet started foreclosure proceedings.

    #25111
    Avatar of red12
    red12
    Member

    Well, here I am a little over 2 months later and nothing’s changed. I have a buyer wanting to make a short (really short) sale offer, but I’m reluctant to even send it to the lender. I’m still not sure whether short sale or foreclosure is the better route for me.

    I’m a motivated seller, that’s for sure!

    #25112
    Avatar of corkhorner
    corkhorner
    Participant

    3 ARCK as a Ruby memer gets you 20%…unless u signed away your rights on a loan mod.

    c h

    #25113
    Avatar of red12
    red12
    Member

    @corkhorner wrote:

    3 ARCK as a Ruby memer gets you 20%…unless u signed away your rights on a loan mod.

    c h

    Would love to do something like that but I have NO money to do anything with. I am (with the exception of this house) out of the RE business completely.

    BTW, no loan mod has been done. It was called due long ago (it was a hard money loan).

    I’m just another motivated seller (who just happens to understand EHTs).

    #25114
    Avatar of corkhorner
    corkhorner
    Participant

    you have paid your dues for cre….NOW is not the time to quit!

    You can get an 8k investor.

    c h

    #25115
    Avatar of red12
    red12
    Member

    @corkhorner wrote:

    you have paid your dues for cre….NOW is not the time to quit!

    You can get an 8k investor.

    c h

    You volunteering, Cork? I’m already out. Another dime of my money poured into that house would put me in Divorce Court for sure. Anyone want to take this one? Just treat me like another Seller. I long ago gave up making any $$ on this, I just want to get out w/o a $20k tax hit.

    RG

    #25116
    Avatar of corkhorner
    corkhorner
    Participant

    no volunteering needed, just outreach or marketing.
    Gomme details corkhorner@msn.com

Viewing 11 posts - 31 through 41 (of 41 total)

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