All Forum Posts by: Roman M.

Humberto, only you can know if it's worth it or not. It all depends on the deal you were getting.

You can always refi with HM lender. 

Foreclosure takes time so you probably have 2 or 3 months after maturity date but if you can sell in 2 or 3 month then you should look for longer term options.

You should be able to get private or hard money loan so long you have a downpayment of around 30% despite of your credit.  Some lenders will even roll the renovations into existing loan. If you don't have the downpayment then you probably need to look for a partner that does.

Unfortunately there are too many loan officers and underwriters that don't know what they are doing or are not paying attention. 

Oh, oh... 

Due to short timing to close, The only way to finance this by borrowing upfront unsecured or against another property you may own. 

Buy the other share of the note for amount due.

I guess it depends on the State. In Florida is different then in California. 

Since Elizjua never said which State is the foreclosure then its hard to say which Statute applies.

 This makes no sense. For the owner to get surplus funds they will need to provide proof that there are no other lien holders on the property whether 1st mortgage or any other city or government liens. All lien holders should have been notified of the sale and the foreclosure company or the clerk have the title report. So owner will not be entitled to any of the funds until a proof is provided that all liens have been satisfied.

first mortgage is entitled to any surplus up to the amount owed to them.

1st lien holder needs to apply for surplus with the clerk of court. They might not know that. If you are able to get in touch with the first lien holder then it may expedite the process.