Any options with this one?

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Posted by Jorge on November 30, 2004 at 16:27:51:

I am interested in a property in my neighborhood that is in the process of being foreclosed upon. The owner bought the house in March in a shady deal (seller advised me they received $380k, buyer financed $450k 1st mortg and $90k 2nd mortg). The owner never made a payment on the mortgage. (A little research revealed that the owner did the same thing with another property purchased two days earlier). The owner has failed to appear in the foreclosure action.

Are there any steps I can take to attempt to purchase the property at this time? If I can get the owner to go along, would loss mitigation be possible in such a case? What can anyone recommend? Thanks.

Follow Ups:

• Re: Any options with this one? - Jim V 23:06:14 11/30/04 (0)
• Re: Any options with this one? - jay 22:40:27 11/30/04 (0)

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: I am interested in a property in my neighborhood that is in the process of being foreclosed upon. The owner bought the house in March in a shady deal (seller advised me they received $380k, buyer financed $450k 1st mortg and $90k 2nd mortg). The owner never made a payment on the mortgage. (A little research revealed that the owner did the same thing with another property purchased two days earlier). The owner has failed to appear in the foreclosure action. 

: Are there any steps I can take to attempt to purchase the property at this time? If I can get the owner to go along, would loss mitigation be possible in such a case? What can anyone recommend? Thanks. 


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