Re: First deal need help - Posted by dell-ohio
Posted by dell-ohio on July 02, 2003 at 17:05:39:
Limited details here so I will make some assumptions.
First assumption I am making is that if you clear up the late payments the bank will stop the forclosure process.
>My question is what paperwork should I get it signed to protect my asset.
Depends on a couple things? One, what do you intend to do with the property?
Is the owner moving out?
Are you planning on living there?
Are you planning on renting it out?
If the owner does not want anything except the two thousand and the owner is moving.
A couple easy things to do
Negotiate the best deal, and finance it through the bank if you have the credit.
You could buy the property subject to.
You could do a lease purchase option.
You could purchase it on land contract
>I have told her I have 2 year to transfer the or sale the house.
Does this mean you have two years to pay off the mortgage, a balloon due at that point?
This could be written into the contract, and needs to be if that is the agreement.
>After paying all the bills I save 15 to 18 k
Are you saying this is the amount of equity available after you pay for the late payments.
A couple of my ideas, if you give us more specifics we can help you better