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May 25, 2012, 11:04:20 PM

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Real Estate Investing Forums  |  Real Estate Investing  |  Sub2, Owner Finance, Options, Lease Options Forum (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas, motivatedceo)  |  Topic: Bankruptcy chp 13, need expert's help « previous next »
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Home4u
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« on: April 15, 2005, 07:47:39 PM »

Property is currently in chp 13.  I spoke to the  trustee's attorneys and they said seller is paying on time and there are $8000.00 IRS and other penalties inclusive.  Attny's don't care they want 8000 to release the sellers  
Loan amount is $66,000.
Repairs around $2,500
IRS and other lien $8,000
 House is in good condition. I did the CMA and its $102,000
If I did my calculations right property is @ 74% LTV.
How should I approach this deal?  Interest rate they are paying is 9.00%. The property is one hour away from where I live.
Should I go for it or move on to the next deal
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realg07
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« Reply #1 on: April 16, 2005, 07:06:47 PM »

I would offer to take over thier loan sub 2 and pay the $8k ch13 to get the trustee to release the house.  This is not a bad deal depending on the area, payment amount etc... DUE DILIGENCE.  YOu could probably borrow the $8k from a private lender and still come out alright if you need to. J
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Jake
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Real Estate Investing Forums  |  Real Estate Investing  |  Sub2, Owner Finance, Options, Lease Options Forum (Moderators: $Cash$, Bluemoon06, kdhastedt, Mdhaas, motivatedceo)  |  Topic: Bankruptcy chp 13, need expert's help « previous next »
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