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Updated over 8 years ago on . Most recent reply

User Stats

37
Posts
11
Votes
Doug McRae
  • Ponchatoula, LA
11
Votes |
37
Posts

I need help! Bond for deed situation.

Doug McRae
  • Ponchatoula, LA
Posted

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?

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