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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Chewing on the wrong bone? Posted by Ward-CA- on December 17, 2003 at 6:32 PM In Reply to: Approach with 2nd for short sale? posted by Larry Marshall on December 17, 2003 at 5:35 PM : I have a deed for a house in foreclosure in Los Angeles. The following are the positions: : 1st TD: $160,000 : 2nd TD: 40,000 : The house is worth about 230K. The 2nd seems not to want to discount at all. What approach can I take with the 2nd lien holder, who seems very willing to go to foreclosure sale? : If the 1st is 180k (160K + 10 arrearages + 10K foreclosure costs) maybe the 2nd lienholder is right. : Should it matter to the 2nd that there is at least 10K in repair work (roof and A/C) plus another 5K to clean it up? : Thanks - Larry ======================= Larry, From the numbers recited above this deal is nothing to crow about. $230,000 = the current Fixed Up Market Value of the property -200,000 = the principal balances owing on your 1st and 2nd - 10,000 = the arrearage on the 1st - ??? = the arrearage on the 2nd - 15,000 = the estimate for repairs and clean up ======= $ 5,000 = Estimated gross profit Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I have a deed for a house in foreclosure in Los Angeles. The following are the positions: : : 1st TD: $160,000 : : 2nd TD: 40,000 : : The house is worth about 230K. The 2nd seems not to want to discount at all. What approach can I take with the 2nd lien holder, who seems very willing to go to foreclosure sale? : : If the 1st is 180k (160K + 10 arrearages + 10K foreclosure costs) maybe the 2nd lienholder is right. : : Should it matter to the 2nd that there is at least 10K in repair work (roof and A/C) plus another 5K to clean it up? : : Thanks - Larry : ======================= : Larry, : From the numbers recited above this deal is nothing to crow about. : $230,000 = the current Fixed Up Market Value of the property : -200,000 = the principal balances owing on your 1st and 2nd : - 10,000 = the arrearage on the 1st : - ??? = the arrearage on the 2nd : - 15,000 = the estimate for repairs and clean up : ======= : $ 5,000 = Estimated gross profit : : Hope this helps. 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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