John, can you help with this?
I have a divorcing couple, the man has moved out and is living with his girlfriend. The wife is home with 5 kids and wants out by Mar. 1st. 2003. They're 4 pymts behind on the 1st and 2nd totalling approx. $5600. I called the Mortgage Co. and the property is in the Foreclosure process. I'm told that the owners can still sell there property themselves and that I would just have to bring the arrears up to date. They'll willing to leave for just the loan balance and a $1000. moving expenses. The house is in Plainfield IL and is a tri-level with 4 bdrms, 2 ba and a 2 1/2 car garage on just over a 1/2 acre. The property values are approx. $189.000
I need help with a decision on which approach to take i,e. Land Trust or Lease/Option or Purchase Option
Thanks, Clif 
pbodys,
Glad to meet you.
Well there are John's all over the place and at my age I make sure I know where they are.
I don't know if I was the one you were asking for, but I have a question that might help in steering you in the right direction.
I know what you stated is the value of the house, but tell me what the mortgage balance is?
Welcome on board this board, looking forward to helping along with the rest of the community here at TCI.
John $Cash$ Locke
Hi John, you're the one I was looking for.
The balance on the two mortgages is $144.000 and the FMV is approx. $175.000 to 185. I'm getting the feeling they're ready to just deed me the prop. The wife told me today that she just wants to move on.
I was thinking about a quit claim deed then a flip. Of course I also thought about a L/O. I saw the house, very nice resale and the area has location! <IMG SRC="images/forum/smilies/icon_eek.gif"> [ Edited by pbodys on Date 02/16/2003 ]