How do i determine the balance on mortgage? This is an approved short sale.
i added up the original & two other loans. looking at comps i'm thinking starting offer should be
103,995 to 142,999.
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Looking at the mortgage history on the InvestorCompsOnline report the purchase of the dwelling by
the Mills family took place in 2004 with a primary mortgage of 224k. Additionally, two seconds
notes were completed as the value of the home increased. The first for 34k, which was replaced by
a larger note of 57k.
You can easily determine the balance of the first mortgage by plugging it into an online mortgage
calculator. Review the amortization schedule to see what the principal balance would be without
fees and penalties as of today.
For the second of 57k, you can assume this was an interest only instrument and the entire balance
is due. Of course, any second can be negotiated at 10% or less.