FHA forclosure - Posted by Ricky (CenLa)

Posted by Ricky (CenLa) on April 30, 1999 at 17:11:39:

A Woman who had gotten one of my business cards called and said her FHA home was going into forclousure and was there anything that I could do to help. I went to see her and we went over some of the paperwork. ARV $65,000, balance of $58,000, payments of $176.00/mo; Her only options are to pay balance in full, get a new loan, or let someone assume the loan. I called the Rural Delevpment office to ask about assuming the loan. They said they would send me out an application. I thought about assuming and then leasing back to her.(She has two small kids). What should I look out for?