All Forum Posts by: Max Pagani

Hi Matt, 

Thanks for the helpful information. My father has reached out to the attorney you suggested and we are figuring out next best steps. 

My sister and I spoke to collections and they are four months behind. The foreclosure is now in the acceleration phase, which I do not understand entirely, but sounds like it is the pre-foreclosure process. The woman at collections said that once a home enters the acceleration phase, it can be anywhere from 30, to 60, to sometimes indefinitely before foreclosure actually occurs. 

We have not been able to access the inside, but the inside is probably in pretty bad condition. I still think given the state of the current market in Denver there is still equity in the home, as it was purchased three years ago. As for making an offer, it is something we are trying to do but currently the ex is unresponsive and nearly impossible to get a hold of. 

Again, my family and I seriously appreciate all the helpful info!

Cheers,

Max

Hi BP Community,

Haven't posted here in a while but my family is in need of some advice and assistance in the Denver area. I am going to outline the situation and would be very grateful for anyone who can provide guidance or best steps forward.

In September 2016 my sister purchased the apartment at this address; 6432 Yank Ct APT A, Arvada, CO 80004. She purchased the home at that time for ~$250k and went through CHFA for the loan. Her and her ex-boyfriend are listed together on the loan.

Herein lies the problem. Since purchasing the home my sister left Colorado to return to Connecticut, so that my parents could help support her daughter. The ex-boyfriend has a history of drug-use, is three months behind on the mortgage, is tied up in another legal battle involving custody of a child from a previous relationship, and is unwilling to speak with my sister, or anyone else in his life for that matter. His mother has been unable to get ahold of him, his friends, etc. I am trying to help my sister sell this home so that she can get rid of the $250k liability she has.

Answers to the following questions and any other insight one could provide would be great! If I think of any other questions a will respond to this thread.

1. What are my options in terms of selling this home??
2. Would my sister have to force a partition sale? If so, does anyone have guidance in regards to what that process looks like??
3. How much time will they have before the bank forecloses on the home??
4. Any ideas for how to get the individual to sell??
5. Does anyone have contacts who might be able to assist me in the Denver area?

Thank you all very much!

Hi BP Community,

Haven't posted here in a while but my family is in need of some advice and assistance in the Denver area. I am going to outline the situation and would be very grateful for anyone who can provide guidance or best steps forward.

In September 2016 my sister purchased the apartment at this address; 6432 Yank Ct APT A, Arvada, CO 80004. She purchased the home at that time for ~$250k and went through CHFA for the loan. Her and her ex-boyfriend are listed together on the loan.

Herein lies the problem. Since purchasing the home my sister left Colorado to return to Connecticut, so that my parents could help support her daughter. The ex-boyfriend has a history of drug-use, is three months behind on the mortgage, is tied up in another legal battle involving custody of a child from a previous relationship, and is unwilling to speak with my sister, or anyone else in his life for that matter. His mother has been unable to get ahold of him, his friends, etc. I am trying to help my sister sell this home so that she can get rid of the $250k liability she has. 

Answers to the following questions and any other insight one could provide would be great! If I think of any other questions a will respond to this thread.

1. What are my options in terms of selling this home?? 
2. Would my sister have to force a partition sale? If so, does anyone have guidance in regards to what that process looks like?? 
3. How much time will they have before the bank forecloses on the home??
4. Any ideas for how to get the individual to sell??
5. Does anyone have contacts who might be able to assist me in the Denver area?

Thank you all very much! 

Yeah town record has it listed as commercial. Wasn't so much concerned with the downpayment, but as you said better terms with residential financing. It has been a learning experience thus far. Financing can seriously make or break a deal. Thanks @Craig Bellot

@Ray Harrell Ok, got it. Thank you. Looks like it is commercial.

Ok, that is what I expected. I was not sure because the agent listed it as residential. Good to know about getting a blanket loan though, very interesting. Definitely helpful! Thank you.

@Melissa McGuire

Hello BP Community,

Currently, I have a 5-unit property under contract in Willimantic, CT. The fifth unit is unfinished (and unlivable) at the moment. The seller's agent kept this fifth unit unfinished in order to be able to list the property on the MLS (the agent was the seller's son and wanted the listing).

My question is, am I able to go to a bank / other institution and say that this is a four-unit property because the fifth unit is currently unfinished? At the moment, my primary option is a 20-year 5/1 ARM at 4.75%, but with residential lending I may be able to obtain longer term and better rates.

Please let me know if anything is unclear.

Thanks for the help,

Max Pagani

Hello BP Community,

Currently, I have a 5-unit property under contract in Willimantic, CT. The fifth unit is unfinished (and unlivable) at the moment. The seller's agent kept this fifth unit unfinished in order to be able to list the property on the MLS (the agent was the seller's son and wanted the listing).

My question is, am I able to go to a bank / other institution and say that this is a four-unit property because the fifth unit is currently unfinished? At the moment, my primary option is a 20-year 5/1 ARM at 4.75%, but with residential lending I may be able to obtain longer term and better rates.

Please let me know if anything is unclear.

Thanks for the help,

Max Pagani