Need Pre-Foreclosure Re-assurance
Hello All,
I believe that I have a deal in the making. I had a owner call me today with a Trustee Sale date of Dec 27. She has all but said she would simply like to walk away, since she has no ability to pay at a later date, and would be moving in with a male friend for now, but would like to try one last ditch effort to salvage what she can. She has about 6K in back payments, and the property has FMV of 140-160k. The T.S. states it would be sold for 102k. So here is my question (take a breath).
I verify that these are her only options, and based on what she has already told me, I plan to have a Q.C. Deed, P.O.A. and a Promissary note (just in case I need to give her a few $$). I will explain to her that this is all contingent on the Title being clear, which I would check if we have a deal. Am I forgetting anything? Is there another way I should be handling this? HELP!!! Thanks in advance,
CMoore
P.S. My exit is that I plan to flip locally for about 10K.
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