Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 14 years ago on . Most recent reply

User Stats

63
Posts
22
Votes
Jim Stallings
  • Investor
  • Swansboro, NC
22
Votes |
63
Posts

SS HELP Definitely Different

Jim Stallings
  • Investor
  • Swansboro, NC
Posted

Hey, I was wondering if anyone could help me with this. It's different to say the least. I'm working this deal with a seller in foreclosure. I've got seller to agree to let us take the mortgages subject-to and give him 40k cash. The ARV is 220k home needs 5k in repairs maybe. He has a first of 42k and a second (HELOC) of 18k. The reinstatement on the first is 29k, yes 29k. The 2nd is not in arrears. Both mortgages are through BofA, if it matters. I've always heard it's easy to get the 2nd to accept 10% (1,800). Is this true? Do you have to do a full short sale, or do you just show the first is in foreclosure? What can I do? Also it's not listed w/any agent.

  • Jim Stallings
  • Loading replies...