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Updated over 6 years ago on . Most recent reply

User Stats

238
Posts
44
Votes
Doug Haisten
  • Mobile, AL
44
Votes |
238
Posts

How to proceed on this property

Doug Haisten
  • Mobile, AL
Posted

I am a wholesaler and I have a very motivated seller. She married moved out of state and left a family member to live in/take care of her house. Bad idea. She is now 4 months behind in mortgage payments (around $3000). She believes the house may be in foreclosure but does not know if the house has been foreclosed on (she was not getting her mail forwarded to new address). I saw no evidence of that at the Probate Court/Records where records for real estate transactions are kept. I did see the mortgage company just sold the note to another mortgage company (that she was unaware of). Is there any significance to this transfer (mortgage and a foreclosure)? She owes $85K. The comps, as best as I can determine, has the house ARV at $79K. The 1135 sq ft brick house needs $10K repairs that would include but not be limited to new shingles and a new AC and maybe kitchen appliances. This isn't a regular all cash deal. I don't she her getting anything but just walking away from it.

Any ideas what I can do with this? 

Thanks

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