You may not have noticed yet because maybe you're managing it yourself (earning the property management fee of about $75/month) and doing maintenance yourself and avoiding (so far) big sporadic expenses like paying for a new roof or fixing the damage after an eviction.If you refi to 30 years on the $58K, you could get the payment down to about $385, making it only a little worse than break even.

Thanks a lot ahead of time guys!

Notice the present tense.

I could really use some more opinions..Please do go ahead and delete it if you think its unnecessary Ciao

Thus far.I think it's important to obtain the loan, go ahead and finish out the project and get long term financing if you can.

After Jan 1, this right of redemption goes away and the cure period (time from NOD to sale, NOD is called a NED - Notice of Election and Demand here) is extended by the former owner redeption period.

I got here from searching to learn about foreclosures, flipping, and REI in general.I have been researching my area and wanted to get opinions on this deal:House: Sold in '02 for $200KWill be auctioned for $135K min bid (appraised 200K).I am interested if this sounds like a good deal or not.Here are my questions:1) Is it too late to contact the current owner and try to work out a settlement ahead of the auction?

If I have to find another seller at the end of this, I'll know well ahead of time as I'll be working to re-establish the sellers financial stability over the next year.

Notice no complaints about if this is the right forum?

Hi All,I am gathering data on default notices, running numbers and trying to understand/evaluate what might be an opportunity in the pre-foreclosure arena.How can it be that some loans are maybe only a 3rd of what the market value is?