still a neophite - Posted by Betsy

Posted by William, Columbus, OH on December 11, 1999 at 02:03:23:

Betsy: You don’t have enough information to work with.
Specifically…how many payments in arrears? In your state how long before foreclosure, what is situation on property taxes? Any 2nd mortgages, liens, etc?
If he & employer want him to stay in the property, how can you help achieve that and make money doing it? Do you have a source of funds to bring payments current?
Could you acquire the property and sell it back to him?
What (specifically) does he want to accomplish?

still a neophite - Posted by Betsy

Posted by Betsy on December 10, 1999 at 23:24:11:

Placed my first ad (finally)~“I Buy Houses”-type ad. Got a call from the employer of someone facing foreclosure, hasn’t made a p’mnt in over a year. The employer wants the guy to be able to stay in the house. Ugly divorce caused the problem. 3+2, appraised at $105K, owes $81K. What can I do for this guy? What should I be thinking right now? This is actually my first experience. The ad started yesterday and when I heard the voice mail message I got very nervous about returning the call and had to calm down before I could pick up the phone. No need to PANIC, Betsy! Anyway, no liens on the property. Wouldn’t give out the address just yet because there are 5 or 6 investors hounding the guy so I asked some questions about the divorce and the child involved (my interest is genuine),he talked about that for awhile and asked me to call him Monday afternoon for the address after he sees if HE can do anything without having to turn to an investor. All suggestions and advice welcome. Thanks (there ARE no stupid questions, right?).

Don’t take anyone’s ‘word’ for it that there are no liens against the property. - Posted by SusanL.–FL

Posted by SusanL.–FL on December 15, 1999 at 09:21:25:

Make sure you eventually have a title search done (if you decide to proceed with this deal).

I remember reading not long ago (few months back) that someone on the board didn’t check things out thoroughly and things came back to haunt him. It ‘cost him’ in the end.

Just take things slow and ask LOTS of questions here. There is always someone to walk you through the steps.

Much luck to you!!!

Re: still a neophite - Posted by Lisa

Posted by Lisa on December 11, 1999 at 16:58:25:

I have no real advice to offer as I too am a beginner; however, I did read an article (from the articles on this site) written by Bill J. Gatten re: Title holding Land Trust with the Net Residential Lease.

Article is titled: How to Safely Assume Non Assumable Loans without down payment or credit qualifying.

I found this very interesting and seems most appropriate for those in foreclosure.