I have a person who is going to foreclose and just wants to get out from under her payment. What is the best way to go about this without taking money out of my pocket? :-?
If there is enough equity in the deal, take the property "subject-to" the existing financing and pay the back payments to catch the seller up and make his/her mortgage current. Then sell it for FMV after a little paint, carpet and cleaning...
What is the current payoff?
What is the current reinstatement quote to bring the loan current?
What is the value of the home as-is?
What is the montly mortgage payment?
What is the current interest rate?
Does it need any repairs? If yes, how much $$? If yes, what will it be worth after repairs?
There probably are other questions but this list will give you a start. Great job in getting out there and finding a modivated seller!
There are many ways to do this but first of all do you have a buyer lined up?
How do you plan to stop the foreclosure with no money?
[addsig]
If there is enough equity in the deal, take the property "subject-to" the existing financing and pay the back payments to catch the seller up and make his/her mortgage current. Then sell it for FMV after a little paint, carpet and cleaning...
Good Luck!
[addsig]
First off--welcome to this board!
Tell us more about the property.
What is the current payoff?
What is the current reinstatement quote to bring the loan current?
What is the value of the home as-is?
What is the montly mortgage payment?
What is the current interest rate?
Does it need any repairs? If yes, how much $$? If yes, what will it be worth after repairs?
There probably are other questions but this list will give you a start. Great job in getting out there and finding a modivated seller!