I need help figuring out how to structure a deal. So there is a lady who bought a house from an individual through owner financing the house cost $65,000 she put down 30000 as a down payment and terms of $650 a month for the next 7 years. Due to some unforeseen circumstances splitting up with her husband and being in the hospital she fell four months behind on her payments. She owes about $3,000 in back payments to the owner and has two years left on her contract totaling about $17,000 left to be paid the lady is very attached to the home and would like to stay in the house. How do I structure a deal where I can acquire the property from the lady while allowing her to remain in the house and satisfying the original owner who financed her?
Find out how much cash she wants/needs to sell it to you and then ask the owner if you can assume the mortgage. Or if you have the money, just pay the $17k. Then just rent the house back to her. Shouldn't be too hard. But if she can afford to rent it from you, it seems as though she should be able to afford the mortgage payment and may be reluctant to sell it and would rather just work something out with the original owner to get caught up.
@Bruce Foster Owner financing is a great strategy! However, if she won't pay the current lender, she won't pay you...
If you do get the property then find a new borrower.
Best of luck!