Foreclosure
Hi! I NEED ADVICE. Here is the scenario! Property owner is about to be foreclosed on, property is valued at 77K (County's Appraisal) Mortgagee owes 65K on mortgage, 65K is the amount that I will be contracting. The mortgage is 719.00. I am not sure whether to flip the property to another investor and cash out or construct a “sandwich” deal with seller financing. Where would I be able to find fair market rents for a three bedroom house in Dallas? Just for an overview on the home, it’s a 3 bedroom frame home, built in the 1950’s and about 1200 SF. Should I cash out and run, or lease/option rent?
He is four months behind on his mortgage, so 2,876 is needed to bring the loan current, he is giving me permission to access his records and discuss the loan with the bank. Because the loan is FHA I am going to check to see if I can have the payments owed placed at the end of the loan. Generally with FHA loans the banks will work with you. What should I do?
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