Posted by StephenOR on February 03, 2000 at 20:17:46:
I think the land trust/PACtrust is your best option. I’ve worked foreclosures a lot…and the lady will probably not work with you if she thinks she’s going to have to move. People in foreclosure have such a weird, crazy thing about moving. I am trying to do something similar to your plan, and the best way I have found is to rent/lease-op the house back to the borrower so they don’t have to move. You know, going into the deal, she’s going to fall behind in the payments again. Be sure you have a bulletproof “CYA” letter signed & notarized by her explaining what will happen when and if she defaults to you.