All Forum Posts by: Tess Vismale

Thanks for all of your responses. The house is tax assessed @ $68k was once $215k. The 1st is $103k & the 2nd is $48k. The 2nd has a short pay offer on it for $4.7k,

Hi,
Can a 2nd mortgage foreclose if the 1st is current? They are with the same servicer but different investors.

-Thnx.

Greetings,
As promised, I want to follow-up on my progress for new investors.

I have negotiated a short sale for great price and half attempted to sell it. we were in the final stages & buyer is have trouble getting his money from his 401k for the down payment & closing costs.

I have the bank on hold for another extension and I am now looking for a new buyer.

I have posted the deal in the Make Deals, Find Partners, Mentors & BirdDogs, etc. forum.

As this enfolds, I will give an update.

I have a negotiated short sale, had a buyer and they pulled out. What is the best way to find a short buyer fast in Atlanta?

Thank you both.

I have just enlisted The Short Sale Service, to assist me in a short sale for my rental. The tenant's boyfriend wants to purchase the property. The plan is to simultaneously do the short sale and sell the property to him.

I have a question on the tax implications for me that I will also post in the Tax & Legal section. Do I pay capital gains on the difference? Will a land trust help with the taxes?

If you have any knowledge please let me know.

THANKS!

Greetings,
As promised, I am posting an update.

Please see:
http://forums.biggerpockets.com/viewtopic.php?p=50061

For follow up on this situation.

Thank you to everyone who has responded. I have spoke nto an attorney and I would be liable so he advised me not to pursue any legal actions.

Mikeoh,
I am current on my loan. New century will not take it back. I asked. They sugeseted I get a refi.

How will I have a loss now with a lower monthly payment? The loss will come after 5 years right or when I can sell?

I got info on a MTA loan (interest only) from Fannie Mae that will refi the property and get my payment down so I can manage it and then do a lease purchase and some repairs. Is this a good move?

Is anyone familiar with this loan? Pros/cons?

REI: I am to talk to a lawyer today.

The mortage is $1823 and I get $700 from section 8.