OfflineI had spoke with a man who is losing his home and went to court today. Second mortgage for $6k sounds like it will be dropped?? But the judge said the bank will be sending out someone to do the appraisal, and he has 90 days to sell it if he chooses to.
But will the bank send a Realtor before that, or does it mean that he has 90 days to sell it first. He wasn't sure and has had words with his atty who never gives him a straight answer. He goes back to court in January re the second mortgage.
I told him he needs to call his atty and ask, or would the bank tell him?
He had tried to get a loan modification, and his atty told him not to waste his time.
Is it too late to try a short sale?
This man is living in a camper right now, and just rented out the house for the winter.
Any input?? Anything I should find out or should I just let this go. There wouldn't be much equity, maybe about $20-$25k.
Thanks
Sandi
Bank does the appraisal on foreclosure, but says he has 90 days to sell?!
Posted on: Mon, 12/06/2010 - 21:25
Bank does the appraisal on foreclosure, but says he has 90 days to sell?!
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- by sandiboots
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Sandi
If that is the second mortgage they can't take the property unless they pay off the first mortgage. what is going on with that one.
Jim
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
He rec'd the foreclosure notice in July and was trying to work on a loan modification. They said it looked good, but never took it any further. He asked his atty who said there was no way he could get it.
He has a second mortgage of $6k and went to court for that on Dec 1st. The judge changed it to January for some reason. Today he went for the foreclosure hearing. They said the bank will send an appraiser out and he would have 90 days to sell the house if he chooses. But they said something to the effect in court today that the second mortgage would be cancelled out.
Again he tried talking to his atty who never gives him a direct answer. It sounds like the two of them don't get along at all. Atty seems to think, too bad for David.
I was to call him back this afternoon, but spent the time rescuing a horse and getting plans for it to be moved. (another thing that keeps me busy!!) So will call him later or in the morning. He said he has a lot of questions for me, and would let me try an assignment on the house. But tried that before and numbers aren't very strong.
Sandi
Sandi
So the court case is for the first mortgage, then the second won't matter.
Sounds like you should walk away on this,why get all caught up in someone else's mess,you can't solve everyone's problem.
If you put that much energy into a clean deal just think how it will pay off.
Good Luck.
Jim
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
I agree with you. I will suggest things he could try, but I can't spend time on a deal that I already know won't work well.
Have several homes I am checking into now, so will stay focused on them.
Do need to ask though, would this set him up for a short sale. Are the bank appraisers usually off one way or the other?
Sandi