Posted by Mike.R(NJ) on December 29, 1998 at 20:11:15:
Why not buy the mortgage. Then lease option the property back to the people living there? This gives them some time to get the money problems worked out , and you some profit. Win/ Win.
Any suggestions- wanting to buy - but not sure - Posted by Jerru
Posted by Jerru on December 28, 1998 at 17:25:00:
I found a house going up for foreclosure only 10k principle, 5k back payments and taxes. house worth aprox 80K. I can buy the mortgage (they will sell).
The house is owned by 2 single people, the girl lives in the house, and is trying to bail herself out through loans from family(don’t know if possible). The guy still doesn’t want to give up everything. Other than just buying the mortgage, and talking to these two owners about bailing out, is there any other suggestions. If I buy the mortgage and it goes to foreclosure, all I get is the money I have in it. Would apppreciate any suggestions. Thanks