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Bought a note, boarded a REO
Hello All,
I bought a note (CFD) about 3 weeks ago and it boarded to my servicer as a REO; What seems to have happened is the hedge fund started forfeiture and by the time the collateral was sent to me, the homeowner had already received the notice of eviction from the court.
I thought i'd write about this situation and share with you for your input/throughts because the homeowner contacted me and is interested in keeping the house. Here are some numbers.
BPO: 40k
Location: Gadsden, AL
PP: 18k
Here's what i proposed to the homeowner:
- I'll write a new land contract
- Homeowner will sign on termination letter and not date it (as a guarantee for him making payments, since he has very bad credit and i already have the history of him not making any payments on previous note)
- Sale price: 32,100
- Downpayment: 2100
- Loan amount: 30k
- Interest: 6%
- PMT: 400/month
Homeowner is currently discussing with his spouse, let me know your thoughts on this deal and will keep you posted on what ends up happening with this.
Cheers,