Foreclosure/Default
Hello,
I really need some advice on a particular situation:
I know someone who is months late on his mortgage and who is in danger of being foreclosed on but hasn't come to grips with that yet. He approached me about buying the condo from him but he wants more than I am willing to pay. Specifics: he owes the bank 290K, I would only be willing to pay him 270K (more than that doesn't make sense from an investment standpoint), he wants me to assume payments and his mortgage immediately to save his credit. The rub is since he owes 290 on it, even if we stepped in our limit is 270. Even if he agreed to sell us the condo for 270, we would be stuck with paying the 290 and then he would owe us 20K. Since he doesn't have that money, he can't do that, and I'm not sure we'd do that in any case. Is there an option to go to the bank prior to foreclosure and try to cut some type of deal with them? Knowing that we will walk away for any amount over 270, and he doesn't have any cash left to cover the difference between what he owes and what he would sell it to us for, is there a solution involving the bank?
New to foreclosures......
Thanks in advance for any advice you can give.
Sean
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