Advice On Foreclosure Situation
Details are as follows:
value of home 75K
Payoff on mortgage 15k
Behind with bank 5k
Owner has lived in house for 22 years and has reamortized loan numerous times. This time he does not have enough cash to reinstate loan. This guy is dead set on keeping the house and will sell some family items if he has to in order to reinstate loan. I want to be able to pay the money to reinstate his loan take title to the property or properly protect my interest while I get him to get a no doc loan or something similar. When he gets his new loan I want to receive money at closing to pay me back as well as make nice fee for my services. I want to do this quickly and try to avoid any seasoning issues so the transaction can happen fast. Thanks in advance for any suggestions or advice!
MIKE
sounds like this guy is at the end of the road, you can also wait and buy it at auction
He is at the end of the road so to speak but he also has the means, just barely to sell some items that are very liquid to get the money to reinstate the loan. Thing is he doesn't want to if I can make arrangements. He will happily refinance 25 or 30 grand and that will allow me some cash as well as allow him to keep the home. Granted it is not as good as him moving out and me just buying the house for the payoff but it should be able to work someway and quickly. :-D