I did the direct mailing strategy in my area and got a huge response rate. Everyone is willing to sell, but the 3 unit apartment I've had my eye on for the four years I been in the area has finally contacted me. She has a $90,000 debt on the property and she pretty much just want to give it away. As long as i can take over the debt. How do i go about doing this with bad credit? Is their a way the deed can put into my name, I take over the property and pay off the debt while debt is still in sellers name? If so, what is this strategy called?
I would contact the bank that holds the mortgage and ask them if the loan is Assumable and then proceed from there.
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