I am new to BP I haven't even complete mt profile I apologize to all for the unprofessional approach but I'm in a difficult situation.
I am a new investor I have a decent income no wife no kids trying to build wealth.
I found out yesterday my parents are loosing their home due to an unfortunate mortgage lender scam
Long story short they've been paying the mortgage, so they thought however the mortgage Co sold to another bank without their knowledge so the bank hasn't been recieving their payments and now the house is listed in a forclosure auction to be sold
They aren't as educated on these processes and I had no idea until last night
They now have no means to get a loan or keep the house
They worked with an attorney that apparently wanted nothing to do with the case and they waited too long to take action now it's too late
The online auction ends tomorrow and I would like to bid on the house
Buy it under my name lease it to my parents until they repair their credit enough to buy it back from me
They were making 1700 a month payments
So I know they can pay at least that
I can get the house for less than 150,000 fees and all
I need immediate help getting a private money loan for either the full amount or for a 20% down payment
Let me know of any ideas you may have or any more information you need
Please help in anyway forward to anyone you know that wants to lend money on a sure thing
Sorry again for the lack of professionalism but I have no where else to go
I don't how how to help... but I would talk with a lawyer if the old bank was accepting their payments the whole time
Zack, where is the property located? How did things turn out? Is it still something you are trying to resolve?
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