Apple Valley, MN Property Need Advice
A co-worker of mine owns a single family split level property in Apple valley, MN. He currently lives in San Diego. He purchased the property back in 2006 for $232K with two mortgages on it. They were both ARMs that increased to 11%, and he couldn't afford payments. He joined the military and because he is a veteran his rate dropped on both mortgages to 6%. He has not made a payment in 5 years, and is hoping for the lender to foreclose on him.
He had tenants living in there who completed trashed the place, and does not have any money for repairs. I'm open to any advice on how he should proceed.
I recommended contacting the lender and see about a shortsale. I also offered to lend him money for repairs, but i'm not sure if that would help. I calculated the ARV at $295K. I still need to find out how much money is owed on each loan and the amount of arrears.
I really appreciate any help since this is a bit out of my wheelhouse. PM me for more specific details. Thank you.