InnoVest Resource Management's Foreclosure Forum

Discussion Board Foreclosure Training Title Holding Trust Speaking Schedule Foreclosure Codes 50 State Foreclosure Basics Foreclosure Glossary 60+ Yrs Interest Rates News & Trends FAQ Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Don't be at the mercy of the unknown investor Posted by Sean Wagle on March 27, 2002 at 2:54 PM In Reply to: I'm 2nd Lien holder On A Foreclosure...What can I do??? posted by mark on March 27, 2002 at 6:23 AM I don't want to beat Ward to the punch, he may have some specific guidelines. I'm guessing he'll say you need to pay up the 1st, and be prepared to instigate your own foreclosure on the property for your 2nd. At least that puts you more in the driver's seat on this deal, instead of being dependent on what this outside investor does. But if you can round up 86K in cash, at least you can bid on the property to protect your investment, (if you're kept in the dark right up to the auction date.) Since the house is worth 110K you stand a reasonable chance of bidder interest reaching 88K or more. That would recover your 5K investment, with a little extra. Worst case is you win the auction end up spending 86K for property that you might have been able to buy for 81K in the first place. But even so, that's 78% of FMV and you should be able to flip it profitably. Follow Ups: Re: Ooops. Sean Wagle 3:17 PM, 03/27/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I don't want to beat Ward to the punch, he may have some specific guidelines. : I'm guessing he'll say you need to pay up the 1st, and be prepared to instigate your own foreclosure on the property for your 2nd. At least that puts you more in the driver's seat on this deal, instead of being dependent on what this outside investor does. : But if you can round up 86K in cash, at least you can bid on the property to protect your investment, (if you're kept in the dark right up to the auction date.) Since the house is worth 110K you stand a reasonable chance of bidder interest reaching 88K or more. That would recover your 5K investment, with a little extra. : Worst case is you win the auction end up spending 86K for property that you might have been able to buy for 81K in the first place. But even so, that's 78% of FMV and you should be able to flip it profitably. 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

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction.

Copyright © 1997-2002, InnoVest Resource Management

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455