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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Home in foreclosure with HUGE ARREARS Posted by Jorge on May 06, 2003 at 8:55 AM In Reply to: Home in foreclosure with HUGE ARREARS posted by Gary-TX on May 05, 2003 at 3:30 PM Gary: Estimating the $159K original @8% and paying the arrears would make the payoff around $155K. Meaning the house will cost you around $224k. Makes no sense if FMV is $220. The $214k mentioned is probably already a $10K drop by the lender for the initial bid, hoping someone buy the house at the sale. You can always try a short sale. Is the owner willing to work with you? Don't bother if you can't buy it for around $175. If the owner accepts your $175K, then have to proof to lender that's all the house is worth due to repairs needed, etc. Then, probably would want to see if you qualify and will be able to perform on your offer and close the deal. I have no idea about the market in TX. If the house was in CA there is no way a lender will go for the short sale. If you mean stated income loan, your loan broker would be able to say if you qualify. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Gary: : Estimating the $159K original @8% and paying the arrears : would make the payoff around $155K. Meaning the house will cost : you around $224k. Makes no sense if FMV is $220. : The $214k mentioned is probably already a $10K drop by the lender : for the initial bid, hoping someone buy the house at the sale. : You can always try a short sale. Is the owner willing to work : with you? Don't bother if you can't buy it for around $175. : If the owner accepts your $175K, then have to proof to lender : that's all the house is worth due to repairs needed, etc. : Then, probably would want to see if you qualify and will be : able to perform on your offer and close the deal. : I have no idea about the market in TX. If the house was in CA : there is no way a lender will go for the short sale. : : If you mean stated income loan, your loan broker would be able : to say if you qualify. : 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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