Re: Help with stucturing foreclosure deal - Posted by JT-IN
Posted by JT-IN on February 14, 2002 at 08:44:08:
Have you been in touch with the homeowner, to determine if they are cooperative to curing the default and moving on? If so, then you could purchase the property SubTo, then cure the default, (back pymt and fees), and keep the existing financing in place. Of course, you would then get a T/B to pay you out over time, enjoying the spread of the deal, with some upfront cash. If you pursue this avenue, do not involve the Bank in these negotiation.
If the owenrs are not immenable to this, then you may be struck dealing with the Bank. You will either need hard money, or a partner, to consummate this deal. Depending on where it is located, you may be able ot find the partner through this site, if that is the preferred approach. You may want to post the area/location for any possible interest. Best of luck on it.
Just the way that I view things…