Need Help W/ Preforeclosure
I have a cousin who is facing foreclosure. he's unemployed cant refi. & 2 months behind in mortgage. Hes had the property since May of 2002. Appraised @ 175,000 he paid 150,000 its now worth 189,000. How can I obtain this property w/ my less than perfect FICO (few open collections). Any suggestions would be greatly appreciated 
SUBJECT TO.
You pay off his behind payments, and contiunue to make his mortgage, & tax payments. Take the deed to the property, and it is your. When you have fixed your credit get financing, or just leave it in his name. He will get credit repaired by you paying off the note, you get the house.
Use "gift of equity". Lenders allow this all the time. FI, Purchase Price =appraised value, cousin is a liability to be paid off, so the down payment % is the equity being gifted to you. Generally 80-90% LTV max.