Property in default
I have a potential deal on a property where the current owner is in default by about 6 months. The total of payments to make this up is approximately $4000. An additional $1500 dollars in fees are due to bring the loan current. If the loan were current the balance would be approximately $100,000. If I buy the home for $125,000, how much would the current owner receive?
Hi and thanks for posting,
You will need more info than this(ie..Whats current market value? what is the total monthly PITI?, why is the owner behind? etc........)
Do your duediligence...... Find out as much as you can about the property and the owners situation.
In this case the owner should just walk and not recieve anything except the solution you are providing to fix his problem.
Remember he gets nothing if they foreclose on them home. What he gets when you take over is pain relief and he avoids a deathblow to his credit report......
Be realistic when talking to him... lay the pain out to him and then provide the solution......
Just a thought.......
While this is a real deal, the figures are hypothetical. I'm just trying to understand the specifics of a transaction which cashes the current owner out of this foreclosure so I can structure the actual transaction, the form of which is yet to be determined.