Will Roan,
Agent, Las Vegas, Las Vegas, NV
Hi Michael, to answer your question, with a preforeclosure you would not be paying off the existing loan balance that would only occur with an assumable mortgage product which no longer exist.
The bank will order an apprasial and determine fair market value. Then give you the price they want to settle the existing loan(s) if there is a 2nd then the 2nd lien hold aka junior mtge will ask for a certain amount to release their lien so that the 1st mtge can settle usually its 1K to 5K depending on the price of the home
if the home is in the $1mm range the 2nd may ask for more thank 5K to settle.
If you need further assistance give me a call
Will Roan
Charles Rutenberg Realty
631 626 9086
The bank will order an apprasial and determine fair market value. Then give you the price they want to settle the existing loan(s) if there is a 2nd then the 2nd lien hold aka junior mtge will ask for a certain amount to release their lien so that the 1st mtge can settle usually its 1K to 5K depending on the price of the home
if the home is in the $1mm range the 2nd may ask for more thank 5K to settle.
If you need further assistance give me a call
Will Roan
Charles Rutenberg Realty
631 626 9086
