Re: BUYING HOME THAT IS IN FORECLOSURE
Posted by Henry_CA on June 23, 2007 at 14:10:23:
In Reply to: BUYING HOME THAT IS IN FORECLOSURE
Posted by MARK on June 22, 2007 at 13:39:36:
Mark, If I understand your posting, you have already loaned the homeowner $50,000 and currently you are a Jr. lien holder?
If you allow the lender in the sr. position to foreclose you lose the money’s you lend the current homeowner. My experience in dealing with sr. lien holders has been that they assure themselves they will not lose any of the principal money owed them as you will continue to payment the rears payments to protect your interested and not be swipe out if they foreclose.
If you are the a lien hold you may ask the current homeowner to request the sr. lien hold to modify the existing mortgage by eliminating the principal portion of his payment if he current has a principle and interest type of a loan. If not ask the lender to reduce the current rate charge to lower the monthly payment, hopefully allowing for a break even mortgage installment.
My mane concern is the illegal unit. I would not want the responsibly of owning a rental property that was construction without permits.
One has to ask themselves is it a safe habit for occupancy.
I hope I have been of some help. Good luck.
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