House approaching foreclosure

[JerseyJeff 0]

All opinions on how to approach welcome...

 

Dear Jeff-My name is T... and I am M...'s wife (we are separated and heading towards divorce). Anyway, the house was assessed a while ago at $280,000-$300,000. I now have someone who is offering

cash but he is trying to have me go down to $220,000-$225,000 which I now have found out I can not

to at all. To pay off the mtg. we will need $225,123 and after we have split the difference I won't be

leaving with much so I cannot negotiate on the price at all. I have tried to save this house for more than

a year and now my bank tells my ex that they have a forebearance plan which was never offered to me before and I have a mtg. consultant and they never made her an offer nor would they return any calls or correspondence. Anyway, the case is set for oral argument on the Motion for Summary Judgment on April 26th-Mark is going to go and try to buy time, but I am sure the Motion will be granted and then the Referee will come up with figures and then that's pretty much it. I work for an atty but we don't do that type of work. I have gotten an adjournment from the last Court date, so this time I cannot ask for an adjournment. I don't know if the mtg. is assumable or not, but if there is anyone that you know that will pay cash and I ABSOLUTELY CAN NOT got any lower than $250,000 ("as is") then that is the only option I have and right now, I am running out of time.

Thanks,

Jeff

[Adam King (MI) 1]

My opinion.

Next in a BIG way.

Too many legalities with the ex, not enough equity and if there was, their hardship rights (Whose ever they are) will probably be over leveraged with too high a payment for any kind of terms. Not that this guy would even accept terms. In my eyes from what he has said he wouldn't anyway.

I would seriously walk from this one! No, I'd RUN from this one! It's a total no brainer for me. I wouldn't even try to short sale it.

Regards,

Adam

[JerseyJeff 0]

Yeah, there were signs going up for me too, but I figured I'd throw it out there to ask.

 

Thanks,

Jeff

[MichaelC 160]

Jeff, Adam beat me to the punch but, yeah, move on. Too many hands reaching for the pie, and not enough dough to make it worth your while.

[Jason (AL) 1]

..Too many hands reaching for the pie, and not enough dough to make it worth your while.

 

 

New Naked-Investor code word

(seeing that we use alot of food references around here):

 

 

 

Pillsbury

 

= a deal

 

 

 

In Jeff's case, this deal isn't a Pillsbury.

 

 

 

Awesome.

[MichaelC 160]

..Too many hands reaching for the pie, and not enough dough to make it worth your while.

 

 

New Naked-Investor code word

(seeing that we use alot of food references around here):

 

 

 

Pillsbury

 

= a deal

 

 

 

In Jeff's case, this deal isn't a Pillsbury.

 

 

 

Awesome.

Huh. . .wonder if Pillsbury will make the Urban Dictionary?

[Jason (AL) 1]

http://www.urbandictionary.com/

 

 

Oh my gosh!

 

 

 

My nickname has been forsaken!

 

 

Ichabod

 

 

 

...or it could be a good thing.

[MichaelC 160]

http://www.urbandictionary.com/

 

 

Oh my gosh!

 

 

 

My nickname has been forsaken!

 

 

Ichabod

 

 

 

...or it could be a good thing.

Dude, that's so wrong on so many levels. . .the mental image. . .shudder. . .

[Jason (AL) 1]

You's guys and my mom are about the only people that call me

Jason.

Most everyone around knows me as Ichabod.

 

I'm puttin' a postive spin on things.

A gold medallion is in the works to add the Urban Dictionary definition

to my neckwear.

 

I'll be runnin' the streets wit' style fo' sho'

[Richard Cooper 0]

Assuming that an appraisal of market value confirmed $300,000. Your mortgage pay-off = $225,000.

Loan-to-value is 75% with a theoretical equity of $75,000.

 

That assumes your local real estate market is strong in terms of favoring the seller rather than the buyer.

 

Since the foreclosure "clock" explodes on 4/26/06 you have got to make some fast decisions which have more to do with SAVING your credit history from showing a foreclosure which will be on file for many years making it more difficult (and more expensive) to obtain a mortgage in the future.

 

"Dreams" of finding a full appraised value-buyer in your timeframe is akin to you picking up a major lottery win! So, if you can find a buyer willing to at least cover the mortgage pay-off be prepared to sell and "walk away" with no cash in your pocket! But at least you have saved your credit.

 

Is the "low ball" buyer a real estate investor? If YES, then you might want to quickly seek out other investors

for a competitive "up bid". They won't come close to meeting your higher end assumed appraised value but you MIGHT just get lucky and find an investor willing to at least give you $10,000 cash over the mortgage pay-off.

 

My advice would be to look in your local daily newspaper (Sunday edition) and scan the real estate wanted section which will frequently have ads from local RE investors seeking deals. Call your local HomeVestors franchisee or local REIA Club if there is one.

 

Do a Google search for REIA Clubs. Find those active in your State and preferably those who are local to your area and start making calls.

 

Frankly, it would still be worth your while contacting a local BK/RE attorney to see if there is any hope of

negotiating a mortagge forebearance with your lender. If you can prove suffiicent monthly income it is in the lenders interests to avoid the foreclosure process if possible.

 

As far as your ex is concerned, she will just have to face the "reality" that $$$$s in her pocket (from the house sale) isn't going to happen.

 

If you can "save" your home from foreclosure and can make on-time payments for the next 12-months you might be able to find a new lender willing to do a refi with limited "cash-out" which will enable you to give your ex something. If annual housing appreciation in your market is strong that could be your best bet.

 

 

 

 

All opinions on how to approach welcome...

 

Dear Jeff-My name is T... and I am M...'s wife (we are separated and heading towards divorce). Anyway, the house was assessed a while ago at $280,000-$300,000. I now have someone who is offering

cash but he is trying to have me go down to $220,000-$225,000 which I now have found out I can not

to at all. To pay off the mtg. we will need $225,123 and after we have split the difference I won't be

leaving with much so I cannot negotiate on the price at all. I have tried to save this house for more than

a year and now my bank tells my ex that they have a forebearance plan which was never offered to me before and I have a mtg. consultant and they never made her an offer nor would they return any calls or correspondence. Anyway, the case is set for oral argument on the Motion for Summary Judgment on April 26th-Mark is going to go and try to buy time, but I am sure the Motion will be granted and then the Referee will come up with figures and then that's pretty much it. I work for an atty but we don't do that type of work. I have gotten an adjournment from the last Court date, so this time I cannot ask for an adjournment. I don't know if the mtg. is assumable or not, but if there is anyone that you know that will pay cash and I ABSOLUTELY CAN NOT got any lower than $250,000 ("as is") then that is the only option I have and right now, I am running out of time.

Thanks,

Jeff