Selling Michigan NPN 2nd Lien In Chapter 13

[Christopher Winkler]

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

Looking for highest and best offers.