Best Entry Method for Two Philly Buy & Holds in Preforclosure

[Jason Hatfield]

Hello BP World!

I'm looking for feedback/ideas on the best entry method for these two buy and hold duplexes in Philly. Both are five months behind on the payments, so my initial thought was to buy them subject two, fork over the $10K to bring both loans current, and then use a HELOC to repay myself the $10K.

That got me thinking though.  Is there a way that I can acquire these subject to without paying the back payments?  I'm thinking a loan mod might work but I've never done one.  My only other idea is to secure my own financing and buy them via short sale.

I would appreciate any and all ideas.

Thanks