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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: deep into loss and ignorant, can you advise? Posted by Nick(Colorado) on January 07, 2002 at 5:07 PM In Reply to: deep into loss and ignorant, can you advise? posted by Alan on January 07, 2002 at 1:12 PM Alan: O'boy its Colorado... :()= It sounds like you are currently in the 75 day redemption period. The investor is offering you $500 for (essentially) the last right of refusal at the end of the redemption period. He will issue a new trust deed, placing himself at the end of the redemption queue. The primary question here is can you, or do you want to, keep your house. Basically that boils down to: Do you have any reasonable expectations of higher levels of income in the near future. If you do not have such a reasonable expectation then you should probably try and rent or sell the house to someone that can afford it. Provided that you are currently in the redemption period. In order to keep your house you must come up with cash to cure the defaulted loan. The amount will be the auction amount plus interest, maybe prorated insurance, and some other possible costs. Any other loans, such as the 49K (possible second?) will still be in place if you redeem. If you do not want the house, or can not afford it, then you should probably try and sell it during the redemption period. To do this you must sell the house at a price which will cover the auction amount, plus any other outstanding liens. Alternately you may also seek a short sale. (at least on the possible second loan) Finally if you can not reasonably sell the house during the redemption period (either the price would have to be to high, or the period is too short) Then, finally, as a last resort, you should take whatever an investor will give you for the QC. He may also offer you such items as cash to be out on certian days, or a cut of any potental profits. Conflict note: I am also an investor in Colorado. If you would like to run the numbers by me, or if you have any futher questions, contact me directly. nskogler@yahoo.com Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Alan: : O'boy its Colorado... :()= : It sounds like you are currently in the 75 day redemption : period. The investor is offering you $500 for (essentially) : the last right of refusal at the end of the redemption : period. He will issue a new trust deed, placing himself at : the end of the redemption queue. : The primary question here is can you, or do you want to, : keep your house. Basically that boils down to: Do you have : any reasonable expectations of higher levels of income in the : near future. If you do not have such a reasonable expectation : then you should probably try and rent or sell the house to : someone that can afford it. : Provided that you are currently in the redemption period. : In order to keep your house you must come up with cash to : cure the defaulted loan. The amount will be the auction : amount plus interest, maybe prorated insurance, and some : other possible costs. Any other loans, such as the 49K : (possible second?) will still be in place if you redeem. : If you do not want the house, or can not afford it, then : you should probably try and sell it during the redemption : period. To do this you must sell the house at a price : which will cover the auction amount, plus any other : outstanding liens. Alternately you may also seek a short : sale. (at least on the possible second loan) : Finally if you can not reasonably sell the house during the : redemption period (either the price would have to be to : high, or the period is too short) Then, finally, as a last : resort, you should take whatever an investor will give you : for the QC. He may also offer you such items as cash to be : out on certian days, or a cut of any potental profits. : Conflict note: I am also an investor in Colorado. If you : would like to run the numbers by me, or if you have any : futher questions, contact me directly. : nskogler@yahoo.com Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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