Real Estate Nirvana: I Love You Mr. Subprime
- Thread starter fconyer
- Start date
The original mortgage was for $200000.
There was probably $190000 left. The bank added another $6000 to cover missed payments + fees.
There was another home equity line of credit for $400,000 with a different bank.
That bank didn't show up at the auction, so they have to eat the $400,000 assuming the entire line was drawn down.
They can go after the previous mortgagor for the money, but most likely there is nothing for them to attach.
There was probably $190000 left. The bank added another $6000 to cover missed payments + fees.
There was another home equity line of credit for $400,000 with a different bank.
That bank didn't show up at the auction, so they have to eat the $400,000 assuming the entire line was drawn down.
They can go after the previous mortgagor for the money, but most likely there is nothing for them to attach.
There was an article on Yahoo about a month ago on foreclosed houses. One of the pitfalls is second mortgages that are attached to the property.
If there is a home equity line with a balance attached to that house, you buying it did not wipe it out. It is still attached to that property.
John
This thread is BS. If the laywer new about it and waited until after the auction to offer you triple. Come on! If it was true the Lawyer would have had someone else show up and bid for him.
If your going to come up with a story atleast do a good job at lying. Besides the fact 99 out of 100 people would have resold it to that lawyer. And please save the excuse of it was my dream house thats why I did'nt except the lawyer's offer.
Not trying to be an arse, but this BS has no place here!
If your going to come up with a story atleast do a good job at lying. Besides the fact 99 out of 100 people would have resold it to that lawyer. And please save the excuse of it was my dream house thats why I did'nt except the lawyer's offer.
Not trying to be an arse, but this BS has no place here!
You clearly do not know how foreclosure proceedings work. The lawyer is an agent of the bank. He/she is there to protect the banks interest. The bank's is solely interested in getting their money back, nothing else.
Normally there would be more people at an auction, hence a higher price. I got lucky. That's why I called it nirvana.
Why would I sell a house that is worth 900k for 600K?
This is an entertainment site. Don't bother with this nonsense, most likely a piker trying to get attention.
Quote from dinoman:
Your right I resign my statement.
By the way I do have a degree in Finance and a Real Estate license. So, I understand the whole process, but nice attempt at an argument.
Have you ever been to an auction?
Are you licensed in Massachusetts?
You should get your money back for that degree in finance - they forgot to teach you how to spell.