Need Advice On Mortgage
Seller has a house that she's willing to get rid off due to divorce. House is worth 56K and seller owes 25K. PITI is 553/monthShe has a Balloon Mortgage due May 25th 2004. She's had the house almost 5 yrs. Seems to be a sweet deal if handled well. She just wants someone to come in pay off the mortgage. I had thought of getting a private loan btn 50-60 LTV. But, the Balloon mortgage scares me away since i don't know a whole lot about it.. She wants 1k to walk. The house is in GA. Could anyone who's had a similar event or someone knowledgeable with this kind of situation help me out please. I appreciate all your help. Thanks.. 
Just get a new loan to pay off her mortgage and that is that. Make sure she owns the property and husdand has deeded her the property. Have title search done thru title company and let them know of divorce too. Get deed from her at same time you give money to her but only after title work. You may be able to convince her to let you buy the house subject to the mortgage without paying the loan off. Agree to pay it off before the balloon is due and then fixup and resale. You should have plenty of time to fix and sell if you have the fix up money and can make the payments while doing the repairs and waiting for it to sell.
Hope this helps a bit
Ted Jr