Posted by phil fernandez on February 07, 2001 at 09:48:02:
Assuming there is no work to be done to the house,the spread of $99,000 and $80,000 ( mortgage balance and back payments ) would be fine with me. The one thing you will want to check up on are other liens on the property. Alot of times when someone is in trouble you will find other liens, 2nd mortgages and equity lines of credit also attaching to the property. Do your research.
Also get written permission from the owner to get the exact monthly mortgage payment and the total back payments from the mortgagee.
And I would not give the owner anything above the mortgage balance and back payments.