Need help with 1st investment - Posted by Dan (CT)

Posted by michaela-ATL on January 12, 2004 at 11:42:45:

what you’re looking at is ‘subject to’ investing. If you go into the help articles and into the archives, you will find tons of articles on it.

Yes, most of the time you will have to catch up the payments. Some mortgage companies may agree to add the payments to the back or to increase the monthly payments in order to catch up.

The seller(s) will have to be actively involved.


Need help with 1st investment - Posted by Dan (CT)

Posted by Dan (CT) on January 12, 2004 at 10:04:10:

I’m very new to this and I think I may have found my first opportunity after only a couple months of just reading books. I would hate to let this pass up because I am still a beginner to this.
I found a home in which the husband and wife have split. The wife left with all the contents of the house and the husband can’t make the payments himself. They are ready to let the house go into foreclosure. Their mortgage hasn’t been paid in months.
It is a beautiful home that I would consider living in myself. I would like to know what the problems would be with the mortgage lender who hasn’t received their payment in several months? If I were to start making the payments would I eventually need to catch him up to current or would I only have to worry about that when he was to sell it?
What other types of things should I be worried about or looking for?
Anybody’s advice would be greatly appreciated - Thanks