I have a seller that wants to get from under their house. It is currently vacant and they are behind on their payments. Since they are in the military and had to move quickly, they are protected from being foreclosed on. Its valued at $110,000 and they owe around $90,000. I do not have the exact payoff yet ( wont get that until) tomorrow. My question is, what can you do when a person is behind on payments? The house does not need anywork ( his mother used to live there but recently moved.
I have never heard of the military protecting anyone from being foreclosed on. You might want to check into that. I dont see really much that can be done here as you cant sell it to a normal home owner as a wholesale deal unless they pay all cash.
You can have them quit claim the home to you and do owner finance and you would then be responsible for the home if that is something you want to do.
Personally I would walk on the deal.
thanks. Yea the military does not protect him but there are laws that provide him some relief/protection of you are forced to move without notice.
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