1st investment condo going to foreclosure sale May 2018 Help!
Hi my first investment condo is going to foreclosure sale this May 2018. I had the condo and carried the loan for a guy for several years. During November/December 2017 he defaulted and left tenants inside the property. I eventually got the tenants out, got the deed back in my name after paying the fees, and now the mortgage company wont work with me because its too close to the sale date. I didn't reassume the loan at the time he defaulted because I had a business venture that went belly up at about the same time.
I thought about owner financing it but I also just found out the HOA fees were not being paid when he was land lording the property and the fees are about $5,000 now. I've reached out to wholesalers to see if anyone wanted to take on the property but no call backs. Here are the numbers. Any advice on what to do next? I don't want my real estate investment journey to come to an end before it even gets started.
Closely estimated numbers
Value $47000
Principle owed $33,000
Payments in arrears to lender plus fees $13, 000
HOA arrears $5,000
Most Popular Reply
#3 Foreclosures Contributor
- Paradise, CA
So, you did a wrap around or other structure, where you were on the hook for the loan that you took, and then sold it subject to, to this person, who defaulted on you, which meant you defaulted? If that's the case, I'd say, learn from this one, for the next one. No hope based on your numbers.