Need Help...possible Deal.
Possible deal if I can work out other issues.
I only have a few details at this time. Only got to speak to the wife, and its going to be tough to talk to husband (denile).
This is going to be hard, being the wife has NO idea what the balances are. What I have found out so far.
* 1st mortgage should have alot of equity (20 years or so) she mentioned that her husband something like 100K
* Equity loan, she has no clue on how much, husband told her "you don't want to know" They used this to fuel is business, which is failing or failed.
* He is thinking of Bankruptcy, and they were quoted something like 3K each?
* They are "seperated" but not divorced. (seperated themselves, no paperwork type thing)
* Her name was quit claimed years ago ONTO the deed. And the loans were attached afterward, so her credit is at risk. She is the one starting the talks.
OK, how to approach this? Will a title report show me balances? or at least what the limit of the equity loan is? How do I go about this with Him wanting to file BK? Won't a BK over turn my deal? What about a divorce?
1st deal...oy. This makes sub-to stuff seem easy, its figuring out the other stuff that is hard. Any Help?
Comments(0)