Potential Deal? New to REI

1 Reply

Hello Everyone. I work full time and a Communications major. I'm new to REI and looking to put my first deal together. Any advice will be helpful .

So I have a seller who is behind in their mortgage. I believe they refinanced the house before and paying 1700 a month. They still owe 141k and the house is worth an estimated 190k.

3 bedroom. 2.5 bath. 2100 sqft.

Is there a way to help this potential seller out?

Kalei, first find out if your seller has a good reason for getting behind on a $1,700  the Mortgage per month Note.  Contact, the Mortgage Department a the Clerk of Court Office for the parish or county the house is located and get a mortgage certificate to find out if this is a deal or not because the $190,000 estimated value may not leave any money after pay off.  If they are willing to let you bail them out of foreclosure by buying the house from them, you help them by keeping a foreclosure off their credit report and help yourself by buying a house with equity that you can rent or sell at a profit.