Posted by AJ on March 31, 2000 at 23:23:46:
I had a seller call me stating that he is facing foreclosure on 5/15/2000 and is behind 3 payments right now or $1,200.00. He can’t make the payments and wants me to buy the house. I want to take this property “Subject To” & bring payments current, but how will I avoid the possibility of DOS? I wouldn’t want to place this house in a trust would I? because if the seller facing foreclosure, isn’t he someone I would want to get the deed from?
How bout some input guys on this deal. This guy really wants out! His loan balance is $53,000.00 and the house comps at $75,000.00. What to do? This will be my first ever deal