Updated about 8 years ago on . Most recent reply
Possible to take over an owner finance contract?
I have a friend who is under an owner financing contract. Here is what I know for details on his contract:
$12,000 option paid 2 years ago.
$38,000 balloon payment due very soon.
He can't get the financing and is considering walking away. Is there any way for me to take over his contract?
I'm fairly confident the current owner wouldn't want it to happen, because let's face it, he'd like to pocket the 12k and sell it for 50 again.
Is there any kind of a play that will let me pay the remaining $38k and give my friend a few thousand so he's not completely out all his cash?
The house is worth 65 - 70.