Posted by ScottE on May 28, 2000 at 11:31:00:
Laure,
Your plan looks fine. Obviously this lady cannot afford the payment on a $140K house, but may well be able to afford the payment on a $85K house.
What would she do if you weren’t offering to put her in a house? She would get foreclosed, get booted out and be apartment-dwelling for a few years until she could qualify for a house.
The way I see it, you are helping her credit AND living situation in one deal.
Good luck!
Scott
my foreclosure customer… - Posted by Laure
Posted by Laure on May 28, 2000 at 08:37:06:
Ok, with this lady. 140k value, 107k mtg balance.
Structuring a deal. If I get her house, she needs some place to live. I happen to have an over-priced 90k house ready to go. And I have a potential buyer for her house.
What could it do to me legally, if I redeem her house for the 8k, (I now have 115 into the house with the mtg bal) and I give her, say 6k off the price of my house, which is probably what it is really worth. (I paid 26k in 1991, rehab for 20k and have rented it for 8 years)
I don’t think I would have any legal issues. If I understand it all correctly, I would only have an issue if I redeemed her house and she stayed in her house.
Am I correct ???
Laure 