First Forclosure Deal Maybe Need Advice?
here is the deal daughter called wants to save her 86 year old mom home. house appraised at 60,000 by county. house up for sherrif sale feb 13. the mortage on home is 24,000 they are behind 5000. they want 10,000 dollars and the back payments paid for the deed. here is the catch the daughter wants her mother to stay in the house because at that age she do not want to move her . the current payment a month is 240.00 dollars a month at 11.150 interest. how would you guys do this deal if you had to flip it to another investor because of lack of funds and bad credit. or would you do it at all? it seems to me for 15,000 dollars some can have a nice house in good conditon is this a good deal ? this is my first deal help please? 
Good day, is the Mom or Daughter willing to pay rent? Good luck on your first try
Tom
This sounds like a mobile hom no? She can get a either the 10k or she can stay and pay rent. But not both
What's more important to them, their credit, the house, or the money. ANd who is asking for 10K, the mother or the daughter. It has been my experience that children with elderly parents who have houses will try to squeeze every dime they can get out of the houses. When feb 13 comes, they aren't going to get nothing and lose everything and still be forced to move.
10K in their pocket is out of the question.
Mom staying in the property, only if I can see proof of funds that they can pay the rent. They weren't paying the bank so what makes you think they are going to pay you.
I'll make up the back payments, get the deed, and you can rent from me as long as you can show me you can make the payments.
Throughtout all of this, where is your profit. They will have to understand they will not be making the current $240 a month payment.
Frim up, put your foot down and don't let the seller get crazy ideas like you give them 15K and we stay in the house and pay you rent.... Yeah, their rent money is coming from the 10K if you gave it to them.
Make up the back payments, you can stay at 340 a month. No go, then no deal. Then you go to the court house steps and bid on the property.
[ Edited by nebulousd on Date 01/14/2004 ]
and check to make sure to reinstate the loan, 5K is all you need. usually there are lawyer fees and a bunch of other hidden things. make sure you know what the total amount is before pay anything.
And some may thin them getting nothing is mean so you can give them a couple of bucks. But like dgtop said, the money or staying in the house. one or the other but not both.[ Edited by nebulousd on Date 01/14/2004 ]
You was complaining that he locked up perfectly OK topic
The first rule of foreclosure sell: Do not leave the owner in the house. The second rule: Do not give them a dime until they hand you the keys and ARE out of the house. When they want $10, 000 from you do they think that you are better off with your money in your pocket? If they don't care then you do not have obligation to care as well. My opinion. You can keep them and hope you'll have enough money to pay mortgage when they file bankruptcy and continue to stay.
thanks for the responses fellas how would I assign this to another investor and let him deal with it?
Check your PM, I'm sure others besides me have written to you regarding this.