All Forum Posts by: Enrique Paez

I know James. I tried to work things out with the owner but like I said before the owner does not want to cooperate. The builder is Meritage Homes Subdivision: VILLA FRANCAIS UNIT. I just hope there is someway to negotiate with the senior lien holder instead of the second. I tried calling the senior lien holder which is Countrywide but they will not release any information to me because I am not the owner.

Thanks flipper. Believe me I have been looking and I know we could definitely find something as low as 100 per sq feet but this particular model is hard to find due to the floor plan. There are two REOs just like it being sold or 550,000.00 and above. What messes things up is the the second lien lender processed foreclosure before the first. I've tried negotiating with owner and even met with him one day when I was waiting outside his house and told him I could help him but he does not want to work nothing out. Property is 3800 square feet and a 10,000 square foot lot. The property is not listed and the owners are still living there. Now I have to worry about how to get them out. Because if I buy the second lien at auction they still have priority with the first right, if I am wrong please tell me so....

That is exactly correct Wheatie. After speaking to the representative in charge of this particular foreclosure he said that if the home does not sell they would retain the home payoff the first lien and later put it on the market at market price. I am just skeptical of whether or not they would list the property for sale at 550,000.00. Let me ask you this. Is there anyway way to view the property before the auction date? Interesting comments fellas thanks..

Ok here is the situation. There is a house me and my wife are wanting to buy. The bid price at the auction which is on April 9th is at 113,000.00. It is a nice house and it could be well appraised for 550,000.00. But I just found out that the 113,000.00 is just the junior lien on the property and there is still a 1st lien at 313,000.00. i f i wait after the auction and if no one purchases the property there could be a possibility that the lender will ask for more then it is already owed. i never dealt with an auction property where the second lien lender is processing the foreclosure. So to all you guru investors what are your opinions? What would you do? Is there a better way of handling this...? This is a property to live in. Thank you.