Pre-foreclosure
My friend found a condo that is in pre-foreclosure status. The woman who owns it owes the lender $42,000. The value of the property on the tax rolls is $88,000. She is behind $4400. This will keep it from going into foreclosure. My friend who works in the industry wants to purchase this from her, fix it up and resell it. She has given him the keys and she has moved out. However, my friend only has $2200 of the money needed to save it from foreclosure. He wants me to put up the other half and I can live in it and pay the rent and condo dues while I live there and we fix it up. Then when we are ready to sell, we will pay the owner $8000 only and split the profits amongst us 2. He mentioned something about a contract for deed so that both our names would be on the property along with hers until we sell it and pay off the bank. Is this the proper procedure or is there something else that needs to be done? We are in Texas.
well she is just hoping that someone can keep her out of foreclosure. she has already found another place to live. so she is willing to wait that long. she is just wanting the $8000 she made in payments while living there in the end anyway. So what paperwork would I need to complete in order to do all that you said?