Subject To Start Up Question
I met a couple who are behind 3 months on their mtg and are considering a SS, but i was thinking of working on a sub-2 deal with them, they are sooo ready to move and are not even wanting any mone out of it, they have mtg with HSBC and the owner mentioned that they are trying to do a SS, but i think their townhome is going to foreclosure next month. This is my first time to even attempt to pull a move ike this so i would appreciate any step by step of what would be advisable on this deal. FYI, Townhome FMV 85k, owe 74k
Thanks :-?
Do you have the money to make the loan current or do you have the time to find a Lease to Own person with a down payment that will bring the loan current.
im operating on a possibility, there is someone wanting to purchase that property, and if so, then the down pymt would cover the behind pymts of about $2700.00, then i called HSBC, just to inquire what is required if i wanted to take over pymts of one of their customers and they said that they dont do that, i would have to purchase the loan, ofcourse, that is not want i want to do. Well, time is of the essence here, and i do not want to rush, being such a newbiee.
Couple of things here:
Is there any equity in the property?
What type of mortgage is on the property? Is the mortgage low enough that you will be able to cash flow the property?
DO A TITLE SEARCH to see if there are any liens on the property. Often with pre-foreclosures, the homeowners are often running from more than their mortgage payment, i.e.
IRS tax liens, Student loan judgments etc… You can do this yourself at the county courthouse. They have assistants there that will be more than happy to show you how to use their systems to do a title search.
Have the owners sign a warranty deed and go record the deed with at the county recorders office…
Is the deal a decent enough deal that it is worth fronting the 2700.00 to cure the rears on the property?
See if you can work something out with the bank to postpone the foreclosure, if the bank will not cooperate with you, you may have to have the owner file bankruptcy to get them an automatic stay (30 days) … After having the owner file bankruptcy, have them turn right around (in a matter) of days and have the home owners request to have the bankruptcy rescinded...
Good luck!
Hi neighbor... im in carrollton. Like i mentioned it seems im dealing with a very uncoopertative couple they might be having other bigger things that they are taking care of. Thanks for the advise, i will definitely use it if i come across other deals that are more accesible.