Advice needed on analyzing a foreclose deal in helping a friend out of bad credit.
Dear BP,
I am at novice investor. I would need some advices on this case.
I need some advices on analyzing whether I can help a friend out of bad credit for foreclosing a home in Albuquerque, new Mexico.
She has defaulted payments for couple years (1999 days). Here is the #
Original loan: $132,000.
Original rate: 7.5% adjustable cap at 13 %.
Monthly payment: $925
Amount owned stsince default: $80,000
Current Loan + default amount = $189,000
Current status; in Foreclose, Bank said we can send in offer for short sale.
Current Zillow est. property value: $140,000
Est. Rent value: $1,100
Questions:
- 1.Is it too late to help her out of bad credit if I acquired the property?
- 2.Is it worth it to acquire this property? If so, what will be the offer value to the bank (short sale value)?
- 3.Any one specialized in short sale in Albuquerque , New Mexico? Please advice.
- Every one, Your advice is much appreciated.
- Thank you.
- Randy