Urgent!! Trying To Help Someone...6d To Foreclosure
hi gang -
i stumbled on someone who is in default and has been trying to sell her home through a realtor. the realtor sale is pending but the foreslosure auction is next Thursday. i doesn't look like the loan for the new buyer will come through before Thursday and she can't get an extension on the foreclosure sale.
I would like to buy it from her and get her out of this mess...numbers are:
Value of the home - 390 K
She owes on the home- 150k
amount past due - 12k
I can easily pay off her past due amount and get her current, to avoid the sale. i would also like to purchase the home for what she owes (150k plus more to get her going) and let her walk away unscathed. But...is it possible to get all this done by next week?
I see 2 possibilities -
1) bring her current by paying her past due bill, with a written contract that she sell me the home for 150k+ and then i would get a conventional loan (no problem for me to qualify but are there other dangers with this?)
2) get a hard money loan for the 150k+ and just pay her for the house
Is it possible to do either of these in this short of time?
other thoughts? thanks !!
1. Open an escrow and negotiate the price you are paying her. When signed up record a second trust deed for protection.
2. Bring the property out of foreclosure.Advance the payment thru the escrow. Then close out the transaction by paying her whatever you had agreed. You now have the property, the Mortgage/Trust Deed is current. The lender loves you. You have the house.
Congratulations you dun a good deed and you will make money. Fun? Lucius
At 42% LTV I can refinance her house and get her 90k cash out