All interest arrears, which can be at the note rate or in some instances a separate legal "default rate" may apply.  

It would give us better access to the 2 acres we have and based on my numbers be a good investment on it's owe.Here are the details :$95,000 offer that we worked down from $109,000 the bank wanted$1500 in closing costs - (cash deal to refi after)$51,000 in repair cost $2100 in taxes per yearWill rent for $1250 a month Tenant will pay all except garbage and $50 a month.ARV: $185,000 quick sale $195,000 top value.Our two concerns, one, the repairs are extensive the wiring and plumbing were completely stripped.

HI Frank:Here's what you need for a pre-qual:2 years personal federal tax returns, all schedules, all pages--2015 if you filed, or the 2015 extension and 2013 and 2014 if you haven't filed 2015 yet.2 years matching W2s, 1099s or whatever earnings statements you get.

If not, now the fun begins.If you buy it as a non-performer will require extensive work to contact borrower to try to get them repaying, checking on taxes, fines, and fees by city, county, state, and federal to make sure you do not lose the property that way.

I'm not an expert, but that would be a red flag for me if a seller won't allow for an inspection...especially with such extensive damage that would require 67K + in repairs.

So in this setting, while we tend to say a modification is a new extension of credit, this is the exception to the easy definition there.

In other instances you will be required to bring the property into compliance.

The menu is not very extensive. 

For instance, if your property is 100 sq.ft. bigger than a comp, and property sells for about $100/sq.ft. in your area, the appraiser would make an adjustment of about $3,000-$5,000.  

For instance I grew up in Bay View and after traveling a bit I remember telling people to buy there.