$11,000 Purchase Price
Loan Modification in 6 months of $523.44 monthly + $5,000 Down
We purchased this note on this occupied home and made immediate contact with the borrower on our first mail piece. Borrower had lived in the home for 18 years and continued to pay the taxes on time.
They had been attempting to do a loan modification for 4+ years, but the loan had been sold several times. Borrower was willing to bring $5,000 to table for us to reinstate their loan payments of $523.44 per month.
The results for this deal was a first year ROI of 74%, and an annual return of 57.1% for year 2+. We could’ve had this deal done in 60 days, but the servicer drug out the deal an additional 6 months.
This deal will also qualify for an FHA 10-23 refinance as well, at 97.5% FMV.