Updated about 9 years ago on . Most recent reply
Would like to takeover the payments!!!! Please help
Hello BP
With a lot of courage we did mail out few letters and received a phone call back; excited about that.
Owner has a NOD and foreclosure process would start in a week or so. He also has some liens around 13,000.00. His loan balance is 108K so in total 121K.
ARV = 190K , house is in a fairly good condition, just need some paint job, flooring and landscaping.
My question is what paper work/disclosures I need to fill out and where can I find it.
Its my very first deal. I was hoping to take over the payments ( $715 with property taxes and insurance) and rent it. I was thinking to offer him some cash for transferring the deed and keys.
Is this right to do, or i am wrong ?
please suggest!!!
Thanks
Most Popular Reply
What are the arrears on the mortgage note? Get a payoff on the account and a reinstatement quote. Have you checked title to confirm how many liens are truly on title? If you take the property subject to, ensure to get an authorization letter or a power of attorney to speak on behalf of the borrowers with all lien holders on title.