I am trying to make a deal on a prop but I'm having a hard time!!! I spoke with a homeowner who's home is a pre-foreclosure and was told her balance on the mortgage is, "off hand about 350K". She has owned the home for 22 years and i have confirmed it with the county assessors website (she has a low assessed value and her property taxes are low).
But my concern is, how do i know exactly how much her mortgage balance is, in order for me to know how low of an offer i can give based on FMV and her balance? And how do i present the homeowner with what her actual balance on the mortgage is? I had it checked through a friend of mine who works in loan modifications and was told that she has two mortgages totaling 172K.
Is it possible the homeowner is not aware and thinks her balance is higher than it really is, or was i given wrong info? I would think if she did owe more or even had a 3rd mortgage it would show in the system that my friend uses to check, right?
Any help and suggestions will be appreciated!