Re: Took first baby step (fell down), Ignorant question #2, and Bill Gatten are you out there? - Posted by Bassman
Posted by Bassman on December 14, 1999 at 16:24:29:
You don’t give enough info to help.
How much are back payments? What is the FMV on each property? Would they be willing to Deed the properties over to you, “subject to” the existing loans? If so, use a land trust or PacTrust . Why do they NEED cash, are they in foreclosure? If you can get the DEED , take over payments( not Loan ) and give the sellers peace of mind, while making up their back pmts, that seems fair to me. That, to some is a load off their mind- thereby you help them.What they get out of it is, No foreclosure, credit standing gets better ( by you making the pmts) and relief from the debt. What you get is, 3 properties you can sell on wraps, L/O, cash etc…, and still make money, by being a “transaction Engineer”. Don’t feel guilty if they don’t walk away with any money. If they are that far behind, they gave up a long time ago, and money shouldn’t be their main concern.
Just my thoughts.