My attempt at a probate deal..

[Account Closed]

Hey everyone,

I was recently driving for dollars with my wife and ran across a property with overgrown grass. I contacted the owner, which happens to be c/o of an estate for his wife. I told him that I was interested in buying his house and asked him what was owed on it. The house was purchased in 1986 by his deceased wife and he 'thinks' there may be $85k left on the loan..which to me seems super high being that the house is only worth about $100..so maybe they pulled equity out at some point?

Anyways, he has basically walked away from the property because he said he can't afford to refi. He hasn't made a payment since December 2014 and told me he was surprised that they hadn't foreclosed yet. He told me that he would talk to the bank and his step-daughters to see what they think he should do.

I spoke with him on the phone Tuesday evening. Would today be too early to give him a call back and see if he was able to find something out? I want to be patient, but I also know that persistence wins.

Thoughts?

Thanks,

Andrew Weikel

[Wayne Brooks]

If the property is worth $100k, the bank has No incentive to discount a $85k mtg, certainly not to $50-60k.