First deal need help - Posted by sunny

Posted by sunny on July 03, 2003 at 13:39:41:

I am going to sell the property.
yes she is moving out from the house.
I want to spend less money on lawyer to draw the doc.
Yes there is a Balloon, If I am unable to sell the house in 2 years.
yes equity is 18 to 20 k worse case.

I want to get the power of attorney from her, so when I sell the house she dont have to know how much we made.

thanks for all your help

First deal need help - Posted by sunny

Posted by sunny on July 02, 2003 at 16:14:17:

Hello to everyone

I have a client, her house is going to foreclosure. she is willing to sign any documents.
I am going to pay her 3 months mortgage payment and bring the loan current and save her credit plus pay her @2000.00.
I have told her I have 2 year to transfer the or sale the house.

After paying all the bills I save 15 to 18 k

My question is what paperwork should I get it signed to protect my asset.

thanks for all the help

sunny

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

dell-ohio