Help W/potential Deal
I originally posted this in the foreclosure forum, but maybe it should go here...
Hi I am a newbie that needs help with a potential deal. Primarily I focus on renting and leasing homes I own. I put out flyers advertising my homes last week and this lady called me inquiring about renting. Turns out she is going through foreclosure (in the beginning stages-she owes about $2000) -is about three months behind and just wants "help". She just went through a divorce and said her husband took "everything", but left her with the house. She's been struggling to make payments ever since. She owes about $39,000 on the house and it appraised a few years ago at $80,000 (that's avg for Detroit market). She claims she has done a lot of work to the house. Her ex-husband now lives in Tennessee and really just wanted her to refinance and take his name off and give him $10,000. I asked her why didn't she and she said "I don't know". Really she wants us to help her "save" her house, but I know its not smart to let her stay there, instead I'm going to offer to save her credit. A 'subject to' deal is not good because she has a 15 year balloon at 11.25 interest. I have good credit, so I know my rate will be much better. I've never worked a pre-foreclosure deal, but I've read enough books and many posts on this site to know I can do something with it. I meet with her tomorrow, so I don't have time to do much research, but If I have them each quit claim their portion to me and then bring the loan current can I refinance in a month or so to get a better rate and give the husband some money. I have relationships with lenders that will do the no seasoning refi, but I've always done it after a conventional purchase for a specific amount and not a qcd for $1. Can anyone point me in the right direction? All suggestions will be appreciated. Thanks.
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