Need Comment On Possible Deal And How To Proceed
I have been approached by somone that is facing foreclosure, it may be too late, or not something to touch, but thought I would get some opinions on how to / if I should proceed.
House was purchased 10/1999 for $99,000
She says she now owes: $120,500 as of 10/2004
She has a bankruptcy filed for: $8,500 as of 10/2004
Comps in this area are selling for $145k
She just wants out of this mess, and is now having payments garnished for mortgage: approx $1000/month. She is at her wits end, and does not know what to do.
Would this be a good deal to do lease / purchase?
Purchase subject to? Assignment?
Anything I can do to stop/reverse foreclosure?
Just thought I would ask for some advice from those that have seen/done similar deals?
Any advise you can offer would be great,
Thanks
Tim
Tim,
I have moved this thread to the foreclosure forum since it is not a commercial transaction, which is where you originally posted it.