11,685 Money partner San Diego deal - 10% + 1/2 beneficial

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11,685 Money partner San Diego deal - 10% + 1/2 beneficial

Postby lberneske » Fri May 04, 2007 4:58 am

Needed: an investment of $11,685 in exchange for 10% interest on the money, plus one half of the beneficial interest.

Appraisal says property is worth 400,000
We did our own research, and feel more conservative with a currnet value of 380,000

Currently Owed on Property: 270,000

Home is currently in default. The owner was out of work for three months, and her son had a medical emergency. She owned the home since 1999 and has never had a problem with the house until now. She is now stably back to work, and just needs to be caught up on payments.

We have told her about the land trust and she is willing. She has already failed to get mortgage loans and doesn't see that as an option.

She needs a total of $11,685 for this foreclosure bailout situation.

Here is how that money breaks down:

4,004 to catch up arrears
6,481 to put into the contingency fund
1,200 in trustees fees x's 1 years - 1,200

Here are her payment figures:
1900/month in mortgage payments
40.41 in taxes per month
120 month in homeowners insurance
1,200 per year in trustee fees (because of the trust we're putting together).

Here exit strategy is to improve her credit, and buy the place back.

Questions: call me - Leslie Berneske at 517-490-2333.
lberneske
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