Bankruptcy ?'s
I got a call from a homeowner who is three months behind on payments. The mortgage is in his sister's name who has recently filed bankruptcy. Here are the #'s:
Mtge: 170k ; 1525/mo
recently appraised at 188k.
Can I do a sub-to on this?
Any input is appreciated.
btmjap
You have at least 2 options I can think of off the top of my head depending on if his sister declared home on her bankruptcy. Make sure the sister is willing to work out a deal because it will not make any difference on her credit if she does not care. 1. Have her not include this property on her bankruptcy and pay the total of back payments to bring mortgage current then have a sub-to contract notarized. 2. talk to the lender and tell them she is declaring the property on bankruptcy and you would like to make a deal with them as it will save them money on legal cost etc. Anything goes with the deal as long as you and all parties involved can agree 8-)