Posted by John P S.FL on February 02, 2000 at 23:04:53:
We need a little more info. 1) What is the house worth? 2) How many months is she behind? 3)How much repair is needed? What type of area is it in? What type of mortgage is it (conventional, FHA)? The $1,500. is it part of the foreclosure? The good thing is if she will give you the deed you can take the property “Subject to” the existing mortgage/s into a trust. Then if there is enough equity you can reinstate the mortgage or try to sell it before the foreclosure sale. This is not an easy process if you have not done it before there is more to it. I am only giving you some options at this point. The best thing you can do is go and get the answers to the questions. E-mail me after that and I will try to help you.