I need help! Bond for deed situation.
I was contacted by a friend to help keep him out of foreclosure and I am not sure where to go from here. Here's the facts:
3/2 1900 sqft
highly sought after area, it would rent right away for $1850
Purchased 2 years ago so has very little equity
Interest rate is 4.1%
He hasn't made payments since August
Filed for bankruptcy last year
Willing to do a bond for deed and I would assume the loan
Should I even take on this property knowing that it has no equity? Is there a way I can contact his bank and get a reduced amount to get the loan up to date?