Not Sure How To Structure
I am working with the owner of a property that had a lis pendens filed on 6/1/2004 - she is willing to take $3000 move money and quit claim the property to me. so the sales price will be $3k over mtg. the mortgage isn't going to be paid off until I sell it to a retail buyer. While she is moving out I will put the house in MLS and get it sold - what type of agreement is between her & me? a standard purchase agreement with the sales price of $3,000 plus mortgage? an option contract? she can be out by 8/23 & will need the 3k & will sign the QC. - I figure to have the house sold before the foreclosure can go to sale OR see if a couple of pmts will keep the lender happy until I can get it sold. help? :-?
Well you have a number of choices here depending mostly on how much cash you ha e to work with. How much is the arrearage on the first mortgage? Best would be to make up the arrears, re-instate the loan, pay her off (all at the same time) thus taking subject to the existing financing and then market the property. This gives you the most time to find your back-end buyer.
Short of that, its a very easy process for her to give you a deed. Give her the $3,000 and you are done with that stage. Record the deed, re-instate or otherwise negotiate with the first, make sure you sell before the foreclosure becomes final.