What Do I Do Know?
I started marketing the foreclosures in my city and recently recieved a response from my letter offering to buy or take over paments (lease option). The owner hase about 10 business days left before sale on a 250-300,000 dollar house with an existing 175,000 dollar 1st mtg, including the 40,000 reinstatment fee. I thought I could broker him a hard money loan for the 40 thousand but nobodey wanted to take a second postiton and he knows he would never survive hard money terms for the amount of the first. At this point we have only offered to reinstate the loan, sell the house and split the profit 50%. Does anyone have any bright ideas about what I could do.?
Assuming that the mortgagee permits a reinstatement of the loan at the 11th hour... your plan seems very reasonable.
Prior to laying out a nickel, you should research the title, and protect your position.....