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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Oregon foreclosure "upside down" Posted by Tim on April 11, 2002 at 6:34 PM Never seen this at your site and sure appreciate input: Trashed home in good neighborhood listed over 15 months by realtor for 119k/offer. For over a month we could get no straight answers on property. We are low on cash and good at rehab so started to dig up info ourselves to pursue. We bid 84k..rejected. OWNER contacted us & says he will accept offer, his attorney says he can, the note holder(savings & loan) say owner can sell till auction but the loan co. trustee appointed says NO! Can they? (It also appears the sellers broker is interested in this property as we've found he owns next door!!) We prequalified for a loan but don't have "hard money" to bid at auction. FACTS: Tax value 129K. Loans & penalties up to 145K. Owner declaired chapter 7. Scheduled for foreclosure auction 4/19/2002. Are we way out of our league or what !!!?? Is there anything we can do? Any wise one know what's likely to happen in case like this?? Thanks for any input. Follow Ups: A short sale requires lender's cooperation. Ward-CA- 9:03 AM, 04/13/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Never seen this at your site and sure appreciate input: : Trashed home in good neighborhood listed over 15 months by realtor for 119k/offer. For over a month we could get no straight answers on property. We are low on cash and good at rehab so started to dig up info ourselves to pursue. We bid 84k..rejected. OWNER contacted us & says he will accept offer, his attorney says he can, the note holder(savings & loan) say owner can sell till auction but the loan co. trustee appointed says NO! Can they? (It also appears the sellers broker is interested in this property as we've found he owns next door!!) : We prequalified for a loan but don't have "hard money" to bid at auction. : FACTS: : Tax value 129K. Loans & penalties up to 145K. Owner declaired chapter 7. Scheduled for foreclosure auction 4/19/2002. Are we way out of our league or what !!!?? Is there anything we can do? Any wise one know what's likely to happen in case like this?? Thanks for any input. 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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