Posted by: S Ward
02/17/2005, 11:43:58
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I received a call in response to my advertising from a fellow in a bind with his house. I am pretty new to all this and am starting out by flipping homes to rehabbers. This caller is dealing with foreclosure issues and I was immediately in over my head! I am still hazy on how the foreclosure process work here in BC, let alone how to help this guy. I know I didn't get all the right information, but here is what I did get: Home professionally appraised in December for 395,000
Tax assessed at 412,000
Apparently a RE office said it should be listed for 420 – 440,000 in October
Multiple mortgages on property
I think its the second mortgage that is foreclosing on the home
I think its mortgaged to about 80-85% of the value
He thinks that he only has days or a week before its too late (not sure what this means as far as where in the process he is ... but it sounds urgent!)
Wants to stay in house, but is willing to sell then buy back or something creative like that
He has tried to get a new mortgage to pay off the mortgage in default, but has not been successful
Kept saying that he is “short $40,000”
He is behind in his payments. Not sure how much, but clearly enough.
Expects to have some significant income in the next 3 months or so.
No bankruptcy in his past, some credit issues but “nothing serious”
30 year old house with 6 bedrooms I have very little idea of how to read this. Is there any opportunity here? Can you read between these admittedly sketchy lines and make an educated guess about the situation such as where he's at in the process and what has happened? All you're input and ideas are VERY welcome. If your input reveals a very clear path before me, I MIGHT try to work with this myself. However, it seems to me that the most feasible scenario would be to hand this off to someone experienced in foreclosures in British Columbia. Anyone interested? Scotty
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