Wholesaler 路 Fernley, NV 路 Member since 2015 路 41 posts 路 9 votes
I need some advise here,
I have a person that contacted me about selling their house. It is a mobile home that has been converted to real property and has been renovated. The seller is asking $165,000 for it and has a PITI of $861 a month. After talking with this person, they are about to be in a federal law suit over their mortgage that is owed on the house. According to their mortgage company tthis person is $3,400 behind on the mortgage. However, the person has been pahing on their mortgage for almost 10 years. Anyway the seller wants $10,000 and they will walk away. Also, because of the law suit that will soon be filed, there is a very short window to do this. My consideration for this is to do this as a subject to with installing a tenant buyer in there. Am I geting into something that I may just want to walk away from or should I get going on this. Also, the law suit hasn't been filed but it will be before Christmas.
Flipper/Rehabber 路 Vancouver, WA 路 Member since 2013 路 328 posts 路 252 votes
10y
I would recommend walking as well. If the bank has the mortgage, says they owe and filing a law suit, forget it. Not worth the hassle. Don't buy a problem. Too many other deals out there.
Flipper/Rehabber 路 Vancouver, WA 路 Member since 2013 路 328 posts 路 252 votes
10y
I would recommend walking as well. If the bank has the mortgage, says they owe and filing a law suit, forget it. Not worth the hassle. Don't buy a problem. Too many other deals out there.
Real Estate Professional 路 West Palm Beach, FL 路 Member since 2012 路 23k+ posts 路 13k+ votes
10y
Agreed. If they "are about to be involved in a federal law suit over their mortgage" that means They want to file suit, not the lender. Sounds like a delusional owner. Also, doing a sub2, then putting a tenant buyer in it has all kinds of potential problems.
Professional 路 Atlanta, GA 路 Member since 2015 路 85 posts 路 15 votes
10y
I agree with the others @John Cannon...instead of walking away, RUN!!! It just sounds like all kinds of headaches waiting to happen. 馃 There are too many other opportunities available out there.