Subject 2 A Wrap Around
I found a house for sale and after talking with the owner by phone, it seemed like a good deal. When I went to view the property I found out that she bought the house through a seller wrap around mortgage. She has only been there for a couple of months and is now getting a divorce and won't be able to make the current payments. Is this something that I should pursue or just leave well enough alone? Thanks.
I'm not sure how you can do this as the true seller who has the deed is not the person you are talking to. It very well may be possible for the party in possession to assign their rights over to you but I doubt it. If you do it without the owner's consent they can simply kick you out of the property. There is no foreclosure in many states---just a process similar to evicting a tenant.
I would beware but if the deal is good enough I would talk to an attorney and try to persue it further.