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$250000 Judgement, Possible Rental?

September 10, 2016 09:49AM
I came across a foreclosure in OC and they have a $250,000 judgement against the home. I understand that the property could not be sold without paying off the judgement, but am thinking of taking it subject to the existing mortgage. I would then rent out the property long term. I was wondering what is the likelihood of the judgement creditor foreclosing.

Numbers:
$18,000 Get the home current, pay the owners to move and transfer title.

$2100 Mortgage, Tax, Ins Payment

$2800 Rental, $900 Monthly Income.

$18,000/$900= 20 Months to break Even

There is $150,000 in equity, which would all go to the judgement, unless another 9 years pass by.

Questions:
1) I was wondering what is the likelihood of the judgement creditor foreclosing?
2) Is this too risky?
Subject Author Views Posted

$250000 Judgement, Possible Rental?

notconor 654 September 10, 2016 09:49AM

Re: $250000 Judgement, Possible Rental?

Bill H 472 September 11, 2016 12:25PM

Re: $250000 Judgement, Possible Rental?

MarkS 458 September 12, 2016 09:14AM

Re: $250000 Judgement, Possible Rental?

Bill H 405 September 12, 2016 07:07PM

Re: $250000 Judgement, Possible Rental?

Chops 300 December 29, 2016 01:24AM



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