I have a customer with a deep arrears position. How can I handle this?
I would account for it in the purchase price or some type of offset in escrow.
If it is a good deal then just buy it Sub-To with you catching up the back payments and putting the loan in good standing again. You need to have the equity, but I have caught up a number of properties that did have equity and then made the monthly payments on a Sub-To deal.. Good Luck [addsig]
I am new to this sight but it is fantastic. , thank you so much for helpful responses. i feel more confident now that if I do need a little help or troublesome question asnwered I have some where to go to get it. sincerely jgstrunzoo
I would account for it in the purchase price or some type of offset in escrow.
If it is a good deal then just buy it Sub-To with you catching up the back payments and putting the loan in good standing again.
You need to have the equity, but I have caught up a number of properties that did have equity and then made the monthly payments on a Sub-To deal..
Good Luck
[addsig]
I am new to this sight but it is fantastic. , thank you so much for helpful responses.
i feel more confident now that if I do need a little help or troublesome question asnwered I have some where to go to get it.
sincerely
jgstrunzoo