I have my first distressed property client. Here is her situation:
(She didnt give me exact numbers... only her estimates)
Owes just over 90k on mortgage
Mortgage is 610 per month
Late about 3-5 payments on mortgage
Behind on property tax- approximately $1,000-$2,000
Appraised at 120k about 3 years ago
Recently appraised in the high 80s... not sure if because of market or etc...
So she now owes more than it is wroth, has been close to foreclosure several times but has been in close contact with bank and has been allowed to keep house since now... I think bank is starting foreclosure process but she is going to ask bank if she can make another $610 payment to keep house for another month...
She is quite motivated to get rid of house & mortgage, but I believe she is still looking for a profit on the whole deal....
Any suggestions DG family??? I appreciate all help!