Need Guidance
This will be my first deal.
Scenario:Lady wants me to take over payments on her house. She does not want any money at all, she would like it out of her name but due to the program she is in she cannot sell for 3yrs. How do I go about acquiring this property and making money? 
What is the program that the lady is in? Can she lease the house while she is in the program? What happens if she breaks the terms of the program?
Need more info.
Brenda
The program is called NACA. She says when she signed contract, that she could not sell for 5yrs. There are 3yrs left. I am sure this is probably a prepayment penalty.
Dear dhale35,
I am Jo27 and am ready to pay you nice commission if there is money in that deal. Cash is ready. Shoe laces are tide. Do tell us more about that hose so we can act? Is it in slump? http://www.naca.com/index_flash.pbl usually helps low income people and do not want them to sell tooo early because of the favorable terms they got. I call it low down low rate discrimination but they call is affirmative act. My vote is tomb down for that program unless offered to everyone. In the land of the free, we should all have the same rights, why someone should have more then others? Because it pays to not work? You tell!
Anyway, post some more. I am all ears. Did you meat Lucius? He helped me buy my first ranch but in return I had to supply him the logistics on the Beal Bank. Yes, the big one in Plano. I busted my chops to get him the info, went to see it close and well... he is not responding yet but I wary if I did my job well.
We'll I figure he is probably tiered of counting his many millions, resting his body and mind and hard working fingers that type so well.
Sincerly,
Jo
Jo
Details: The property is located in a very nice neighborhood, new builds. The house was built in 2002.She owes $110,000, appraised @$120,000. It is 3/2/2.
Hi real easy way. Just take a long term lease with option to buy at the end of three years. Purchase price is existing financing plus $10. Please notarize and record the lease, just in case.
Carry on and then at the end of period you either sell or refinance as the Prepayment Penalty has expired.
I know JoJo feels that this is a non Democratic thing, but what it is they make a really great deal to help someone get proper housing. Then they turn around and sell it for a few bucks and the program goes down the drain.
This is a copy of an English Plan which has been working for over 100 years. You get title to the Counsel House and it is a sweetheart deal but no selling for 10 years. By that time your family is raised and the good things of having a proper house and being on the tax rolls are no longer applicable. So you sell it.
Thanks JoJo for the information on the Bank of Beal in Plano, I did not know you were part owner and the Trustee for the other owner Mr. Bushy er Bussy er Bush.
Cheers Lucius