OfflineOkay guys, so I got a call from a friend of a friend of a friend who's parents are having a problem with their property in Florida. Here's the scoop: Address is Southeast Lamon Lane Port Saint Lucie, FL 34983 they owe $270K on a house that's got an FMV of about $125K. First I'm super new at this and second I live in NY and don't know the area. Is there anyway that these people can be helped out of this? I don't see how on my end but I figured I'd ask the experience on the site for their input. I was thinking of "Deed In Lieu" any thoughts?
Jean Maestre
The Maestre Property Group, LLC
"Our deepest fear is NOT that we are inadequate, Our deepest fear is that we are powerful beyond measure"
"Do or do not, there is no try"
"Every adversity, every failure, every heartache, carries with it the seeds of an equal or greater benefit"
I guess I should have mentioned that they are behind on the mortgage by three months and probably won't be able to make the next payment either.
Jean Maestre
The Maestre Property Group, LLC
"Our deepest fear is NOT that we are inadequate, Our deepest fear is that we are powerful beyond measure"
"Do or do not, there is no try"
"Every adversity, every failure, every heartache, carries with it the seeds of an equal or greater benefit"
Not a good deal, don't waste any time on it.
Jean, hopefully the bank will pay them so that they can leave the property.
Raymond
Thank you , I appreciate the input. We can't always help everyone.
Jean Maestre
The Maestre Property Group, LLC
"Our deepest fear is NOT that we are inadequate, Our deepest fear is that we are powerful beyond measure"
"Do or do not, there is no try"
"Every adversity, every failure, every heartache, carries with it the seeds of an equal or greater benefit"
I'm just beginning to learn about notes can help upside-downers. In a situation like this; at Notice of Default or pre-foreclsure, I think note guys come in and try to buy the note from the lender at a discount then they become the bank. they try to get to a happy place with the occupant, but it they can't they are in the position to foreclose.
And I think you are right, the other way is sub-to. Sub-to (or sub2) guys come in and take over the mortgage, but the deed doesn't change hands-- the occupants leave or rent and their credit is saved. Deed in lieu might be the same, I am not sure.
Hey, seasoned DG guys, jump in....
- lots to learn.
Tina
Never, Never, Never Quit, N3Q
"Nothing happens until you place an offer."
"Skip Deal #1, go straight to Deal #2; it's so much easier."
"There is nothing so useless as doing efficiently that which should not be done at all." — Peter F. Drucker... so, "Don't sweat the small stuff." -R.Carlson. "The greatest mistake you can make in life is to be continually fearing you will make one."~E.Hubbard, The Note Book, 1927...so, Do it for the right reason and "Do it with a headache!" - Dean Graziosi, Weekly Wisdom #176
I hadn't thought of that. I wonder if that would work, especially since they owe so much more than the house is worth.
Thanks again to all
Jean Maestre
The Maestre Property Group, LLC
"Our deepest fear is NOT that we are inadequate, Our deepest fear is that we are powerful beyond measure"
"Do or do not, there is no try"
"Every adversity, every failure, every heartache, carries with it the seeds of an equal or greater benefit"