Recent BPO puts value @ $64,900. There are a total of $61,738.00 in UPB & arrearages. Price is 57.7% of BPO or $37,499.00.
Owner wants to stay in the home and is agreeing to a forbearance agreement. Should this not work out, we will offer them a Deed-In-Lieu, or Short Sale. Worst case we foreclose & sell for quick sale by listing with a local realtor for 85-90% of FMV, depending on condition. Foreclosure takes about 8-9 months, judicial with a redemption period any time before the sale.
The house is occupied by a mother and daughter, who have lived in the house for at least 20 years. The photo is from a local agent drive-by in December, 2014. Land Home is the loan servicer and is in touch with the borrower. Collateral file has been professionally scrubbed and is stored by Richmond Monroe. All the assignments have been recorded with the county.
Contact me for more information and our exit strategies.
Chris Winkler
Silverwood Capital, LLC
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