This property was sold to the borrowers in October 2019 for 79,000 with a contract for deed. This may remain as a contract for deed or converted into a note and mortgage. The borrowers put 5,000 down and also had a work for credit of 7,000 for replacing the roof and adding gutters. Since purchasing, the borrower has replaced the roof, gutters, and added onto the porch.
Below are the terms:
Initial Balance: 67,000
Fixed Interest Rate: 9.99%
Amortization Schedule: 180 payments (15 years)
Monthly Payments: 719.58 (plus escrow for taxes, insurance, and servicing fee)
Remaining payment: 140
Remaining Balance: 59,357.26
Asking Price For Note: 56,000
The contract for deed is serviced by Madison Management company currently.
Information on Collateral:
The collateral is a single-family resident with 3 beds, 1 bath, 1,204 SF, built in 1950. It is about 2 miles from downtown Spartanburg, SC in an area with a lot of rehabs and new builds. Values are on the rise and have gone up considerably.
The current market value is approximately: 156,000
For more information, please call or text 864-800-0530 or email: david@carolinafirsthome.com