Performing Note in Dallas, TX
Hello investors. For sale is a note in Dallas TX on a single family house. The borrower is currently current on his payments.
The borrower was behind on his property taxes, which is why the escrow payments were higher than the current taxes, but all arrearages of taxes have now been paid. There's an opportunity to lower the borrower's payments. He paid all 12 payments on his forbearance agreement, but is now 3 months behind again. He is highly motivated to keep the house, so we think he will pay. He has a history of falling behind on his payments, then coming up with two or three payments at once to catch up. The house is a 3 bedroom, 2 bath brick home in good condition, about 1400 sq. ft. The current Dallas country Tax appraisal shows a value of around $119,480, but the true potential value may be even higher.
The value of the underlying property is a key to the value of this note! If the buyer ever stops paying, there is a huge upside to the owner in receiving a house worth this much.