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Updated over 9 years ago,

Gabriel P.'s profile image
Gabriel P.'s profile image
Gabriel P.
  • Accountant
  • from West Melbourne, FL
  • Member since Jun 24, 2015
  • Posts 44
  • Votes 7
  • Experience 12 Yrs
  • Investments 1
Connect

User Stats

44
Posts
7
Votes
Gabriel P.'s profile image
Gabriel P.'s profile image
Gabriel P.
  • Accountant
  • from West Melbourne, FL
  • Member since Jun 24, 2015
  • Posts 44
  • Votes 7
  • Experience 12 Yrs
  • Investments 1
Connect
Gabriel P.
  • Accountant
  • West Melbourne, FL
7
Votes |
44
Posts
Real Estate Deal Analysis & Advice

Homestead Residential Foreclosure

Gabriel P.
  • Accountant
  • West Melbourne, FL
Posted

A property on my street is being foreclosed on. The prior owner passed away and still had a balance on the mortgage on the house. Apparently, he does not have enough left in his estate to pay for the mortgage and I called his parents and they said they were going to let the bank foreclose on it. The property has ARV of 160k-170k and the balance on the mortgage is 190K. It was recommended that it could possibly be shortsold. The house has been vacant for almost a year and a half.

Does anybody have any idea on how to approach the situation?

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