Selling Michigan NPN 2nd Lien In Chapter 13
For Sale: Non-Performing 2nd lien in Holland, Michigan that is 2 years into a Chapter 13.
At the time we purchased the loan, the value was determined to be about what they owed the first lien, $141,000.00, and we are listed as unsecured liens. Online sources are now valuing the house closer to $195,000.00, which lets us go to foreclsoure if/when its dismissed and or rolls to Chapter 7.
The note is still valid, and the Trustee has already made one motion to dismiss last fall.
Here are the numbers:
- FMV: $195,000.00
- UPB: $35,486.15
- Interest Rate: 12.99%
- Original Payment: $395.7
- Accrued Interest & Penalties: $47,399.66 (Interest accruing at $384.16 for 114 months)
- Total Due: $82,886.11
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