Need some advice from you guys who have been there and done that. There is a property that has been vacant for the last 6 months. I was able to track the owner down and yesterday met with them for about 45 minutes. To make a long story short let me just summarize below:
1. The have a Lis Pendens issued in January this year from the HOA. Found they owe $3,000 in back HOA payments.
2. The mortgage has changed hands several times in 15 years. Currently Bank of America has the mortgage.
3. BOA says they owe $61,000 to bring the loan current.
4. BOA says they owe $171,000 which sounds crazy. Original loan was $71,000 back in 1993.
5. Looking back in 2008 this property was going to auction but is was stopped twice.
My question is should I try to pursue this property and talk to BOA directly?
Should I hire an attorney to help me?
Or should I run away as fast as possible.
You left out a very important aspect, what's the property worth? :)
It would not be unusual for the catch-up amount and the payoff amount to be that different. It sounds like there was a refinance or something at one time. I would just keep talking to BOA until you got your answer. I know that is not always easy. I have had as many as 6 loans with them and still have several.
Good luck getting a straight answer out of BOA. They are the worst!
The ARV is around 150K. It looks like there was something that happened in 2008, maybe a home equity loan I see a 107k loan of some sort. I am going to call the owners and get more information about that 107K.
Wish you luck when dealing with them.
Things may work out
When BOA is mentioned in a deal I want no part of it.
In my experiences with them it was screw me around for months
Seemed like no one knew what they were doing
Jerk cash deals away right before close then wait 6 months plus and find another buyer to toy with. And then sell it to someone for less.
If your at the end of the line that's great for you.
it's not worth it to me