Lady Needs Help
Here is the background info.
Woman was recently divorced and does not know where ex is located. She owes 82000 or her house of which her ex is on the note. Appriased at 116,000. She is two months behind on payments. And the bank is trying to get her to up her mortage payment to 1250 to cover the amount she owes. She is willing to sell the house to me for 81,000 and than rent to own for 3-5 years and buy it back for 100,000. I want to know how I can structure the deal so I have no money out of my pocket. I have all of my available cash in a rehab that I am doing.
[ Edited by 8ball007 on Date 02/13/2004 ]
8ball007,
Glad to meet you.
From what you have described, buy more nails but not this house.
She cannot sell it to you, if the husband in on title, she could only Quit Claim her 50% interest in the property, but you would be partners with the ex-husband.
Did she get the house in the divorce and if she did was there a Quit Claim from the ex to her?
She is going to rent from you when she is behind in payments, a desperation move on her part, you will not get paid.
John $Cash$ Locke[ Edited by JohnLocke on Date 02/13/2004 ]
She did say the house was quit claimed over to her. I haven't received all the intricate details yet. When I do I will post.
8ball007,
My next piece of advice do your due diligence under stressful situations sometimes buyers leave out a few details.
John $Cash$ Locke
Hi,
Check her earnings and look at pay slips and how long employed. If she can make the accelerated payments to catch www.up.This means that her income is such that the house payment P and I. is below 25% consider the deal. If not. tell her the truth, a small sum to help her get settled in new digs and execute deed and away you go. are you doing a L/O or are you going straight into sale?
Lucius
This lady works with my wife. She has lived in the home for 11 years. She works two jobs to make the mortgage payment now. She is trying to lower the payment so she can afford a car which her husband took. When I get all the fine details I will post. Right now I am looking at L/O with her or assigning the deal for a small fee. :} I will post more when I finf out.