3 bedroom 2.5 bath townhouse in Kissimmee Florida.
Investor owned property. Loss of income.
1st Mortgage with Citi Mortgage for 92,000. Agreed to accept $55,200 or 60% of the balance owed.
2nd Mortgage with Chase in the amount of $62,400. Agreed to accept $3,000 to release the lien and an additional $12,000 to release liabilty.
Seller contributed $1,700 to closing and $12,000 to the 2nd.
The transaction took 90 days from contract to closing.
Getting a squating tenant out on day of closing. I finally had to go over and put on the "ugly face" to make it happen.