Neighbors Home In Foreclosure...
My neighbors/friends are seperating and there house is due foreclose/auction at the beginning of May. They currently owe approx. $73k on the house which county appraised at $107k last year (market value is likely $120k). Due to the appraised/market value, is it likely that the auction will go higher than the 73k they owe? Can I go to their bank and assume the remainder of the loan amount? Any other suggestions/options?
you could have them deed the house over to you and you could take over payments and rent it out, or sell it, or lease option it, etc.
Thanks for you reply to Maddog its pretty well spot on. Should we try to haggle with the bank, or just offer to buyout the loan at this point? I havent talked to the neighbor about me possibly buying the property due to all the emotions surrounding issue.