PurpleHaze
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- Aug 27, 2008
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When I heard about the text message, I went through all the things you stated above. The only logical conclusion I could come up with, is she might give her Attorney a 1st trust deed to the property if it is not mortgaged. Or if it is but has quite a bit of equity, she is going to take out a second or refi.
Hard to believe it would appraise for more than 30 or 40k though.
Same problem with taking out a second or a refi. Gotta qualify with the lender. She has no job. No qualifying.
I think giving the attorney a % of the ownership is a possibility. Or they might set it up as an equity share. Why the attorney would want a % of a crappy dumpy house is beyond me. Peterson's house in Modesto couldn't get any renters. So, even as an investment property the value is zilch.
Appraisers are coming in very low on values also. Whereas before the downturn, the appraisers were giving higher appraisals.
Paint or no paint, that house is marked with bad vibes.
It will be interesting to see how this plays out for sure.