OfflineI have a women who is in need of help with her properties. She has 2 and both are in her daughters name. Unfortunately the bank is getting ready to start forclosure Friday. She wants to put the property in her name and out of her daughters name so she can refinance and stop the foreclosure process. But the bank denied her. One of the homes she owes 22,000 and the other 15,000. The one she owes 22,000 on, if fixed up is worth 243,000 and the other is worth about 45,000. Can anyone give me any ideas how to help. I would purchase the property myself but I dont have the money or credit. I would assign it to another buyer but she wants to keep both properties without paying a higher price to purchase it back from another investor. What do you guys think
Jonathan Washington
I am not sure, but I think her options are limited.She needs to come up with 37K quick, before the bank will foreclose and ruin her credit and life of her family. Private money lender, maybe she can get portfolio loan or assign the contract, the way you are suggesting her. Sometimes one need to sacrifice to land up on top of the matter. Me and my husband, are new in this business, I am sure there is someone who will be willing to partner with her. Good luck, you doing great job trying to help her and explaining her options.
Halina and Janusz
Where are the two properties located? Have the properties been listed? Did the daughter try a loan Mod? Or has the daughter tried to short sale the houses? How far behind are her payments? Do you know who the lender is? How close is the foreclosure date?
Thank-you,
Laura
BMW Investment Properties LLC
www.bmwinvestproperties.com
If the bank is starting foreclosure on Friday they can take up to a year but the longer they go the more additional fees will add up. If you cure the debt before the sale date I believe your credit is intact. If she is keeping the home she could try to modify but must show hardship or come up with the money herself. She may need to sell one to keep the other. Private family $ giving member a percentage of the home. No one will be able to refinance if there are delinquent payments
Good Luck
it looks like she has an equity position. I think you have to convince her that the best thing to do is cash in on her equity and sell the properties, or maybe maybe sell one and make the payments current with the profit. Desperate times desperate measures.
Need to know a little more info to give any ideas. Where are they located , bed, bath square ft, comps, etc.... pm me.
To get something you've NEVER HAD
DO something you've NEVER DONE.
is 15,000 and 22,000 delinquent payments or is that the total amount due of the mortgage.
What happen with these properties..?