Okay... I Spoke With My Lead. Now What Do I Do?
Just few days ago I stepped into the county courthouse and found that a Notice of Trustee Sale was about to happen. I quickly took the information down but no estimated amount due was on the notice. A few days later I went to that home. I knocked on the door and found that the gentleman that owned the home was very nice and invited me in. We talked and based on the information given to me, this man is proclaimed dead. His pention from the military usually pays for his debts. I hope he can fix everything but by the information I don't believe he'll have enough to cover the money he owes. I really feel bad for the guy. He's an elderly man who's wife past away not too long ago. He's got a couple there that takes care of him for free housing. I did some research on the contract holding the title of the home with my local county recorders office. it turns out that he and his wife were tenants in common. What can I do to prevent this man from losing his house and also benefit myself at the same time?
-Newbie-
Benny
A few things:
1. You can't be a real estate investor and not buy houses. If you want to help him save his house that is counter productive to what you are doing. The gentleman obviously can't handle the responsibility of a house and you would be doing him a favor by helping him get into an apartment or care facility.
2. You say that legal title is held in both husband and wife's name. Is the wife alive? If not, you'll have to go through the process of getting the deed vested in only the husbands name.
3. How long away is the trustee sale? You may not have enough time to do anything. From your post you say that the value of the property is less than what is owed. This is where a short sale might come in but these take 30-60 days or longer depending on who you are working with.
I don't think you have a deal here but I don't really have enough information to tell you one way or another. Tell us more about the numbers and timeframe we are working with.
Sorry about the information mix up. I also took a look at the fair market value by comparing the sale prices of homes surrounding that are for sale or last bought at. His debt is about 20% of what the current mv of his home may be. As for Vesting a deed... I'm not farmiliar with that. We have approximately 3 weeks to do fix this. If i've left some sort of detailed information that may change my options, please tell me. other than that I still need some options here.
-Newbie-
Benny