Potential Deal Need Help


#1

The Value is in the land of this property, there is not much equity in the property. My partners and I have better use of the land to generate revenue.

She said she is in arrears 30,000. She is dealing with banks for a loan mod and is optimistic about it going through. Loan mods are a small % of happening so I think it will be a bust.

What I’m thinking is that we pay for the arrears to make it current, have her deed the property over to us, and then we make the monthly mortgage payments. She can still live on the property as long as we are able to do what we do with the land.

I’m from Oregon so do you guys think this will work? The money making opportunity for us is the land that she owns.

Can she deed the property over to us even though we’re not on the loan? Will that cause a problem for the banks?


#2

Absolutely doable. Use a title company and do a regular closing, “subject to” the existing loan and cure the back payments at closing. Change the insurance to your company with the seller as “additional insured”, and make sure you get a limited power of attorney from seller in case you need to deal with the lender.