Pre foreclosure prospect

[charmer56]

Hi RLG Quick Turn People, i am on the condo board of one of my properties. I know one of the owners is behind several thousand on his condo fees so I pulled title and there is a caveat from:
30/07/07 from the mortgage company,
16/08/08 for condo fees
8/04/09 tax notification City of Calgary
11/08/2009 certificate of Lis Pendens
Just would appreciate some advice on how to proceed. Send a yellow letter, flyer, call him or let it go as he has too many encumbrances etc.
I also don`t understand why the caveat from the mortgage company was from 2007 and not removed.
His mortgage was for 122000. in 2005. ARV is around 240000. I am pretty sure his place is a fixer upper. Any input would be appreciated.
Jayne

 

[lanedry77]

Hi Jayne,

The mortgage is still registered because he has not paid the mortgage down to $0.

Lis Pendens means there`s a lawsuit pending against him, most likely a foreclosure action from the 1st mortgage company.

If I were you, since you know who the guy is, and you have an `in` (being on the condo board), I would approach him and say that I`m an investor and already own in the complex, and would be interested in buying his unit if/when he`s interested in selling. face-to-face will always beat a yellow letter.


Thanks,

David.

 

[neill]

My .02 is to also make sure that you don`t have an open conflict of interest in the approach with condo board stuff. I am part of our condo board, and not sure what you can and cannot do......