Foreclosure Evaluation

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Thanks Caron. Now let me ask you this.... Do you think any 2nd mortgager would invest another $35,000 to pay off 1st mortgage and then try to sell the property that is worth less than $40,000. Plus if the 2nd mortgager didn't get a bid high enough to make up there total investment being $55,000, then they would have to place with realtor at 8 to 10 % plus maintain the property, taxes, insurance and etc until it did sell which would take some time because the market in this area is extremely slow.

Caron

Hi Jerry,

Welcome back.

The second mortgagor cannot sell the property until and unless it is free from the first mortgage as that would force the first mortgagor to take some action against him. So he has to invest in the first mortgage if at all he wants to pay it off. I understand it may not be profitable if he cannot retrieve that money from the sale proceeds of the property. Also, there are the maintenance costs. But there's no other way out I believe. If he wishes to take over the property and sell it , then he has to get rid of the first mortgage.

Thanks,

Caron.

Guest 0.10 Dollars($)

I am currently being helped by a commpany to save our home from foreclosure, how can I be sure that this is not a scam?

sara · Posted: Fri Sep 15, 2006 4:15 am Post subject: RE: detect foreclosure help scam

Hi,

Foreclosure help scams are quite common these days. But you can surely avoid it proided you are able to detect it intially.

You may refer to our discussion on Foreclosure help scam for details on this issue.

Thanks,

Sara.

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