Tuesday, June 12, 2007

for comparison, here's another flip on my desk

This one is entirely different and I post the info so you can see the difference.

Husband and wife buy property in 1996 for $72500.00.
They mortgage it in 2001 for $82875.00 - subprime.
They also divorce in 2001.
Mortgage foreclosure in 2006 with funds due lender $95876.22.
Sheriff's deed to lender in 2006 $2811.00.
Deed to our current seller from lender in late 2006 for $49,900.00.
Pending agreement to our buyer now for $119,500.00.

I have no problem with this scenario. I will report it to the lender with the flip note and I know the lender won't care either. This is a perfectly normal recovery out of foreclosure.

Can you see the difference between the two transactions?

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