Updated about 6 years ago on . Most recent reply
A mortgage not reaffirmed
Good Morning all! I have a property on my radar that will soon be vacant. The owner is going to just walk away from it because the mortgage doesn't show on her credit and she has purchased another home. She doesn't have enough equity in "as is" condition to sell it outright and cover closing costs and commissions.
Is there any non-traditional ways to go in and get the property for my rental portfolio other than just bringing in a traditional lender and putting $$ on the table. Thinking owner financing, since she doesn't care one way or another, since it's not on her credit.. We could just keep the loan, maybe?
Has anyone ever dealt with this situation before? I'm an agent also, but she has expressed that selling it traditionally isn't something she wants to do. And selling it as-is wouldn't net enough to pay of the loan and closing costs. If brought up to regular neighborhood standards the ARV would be about $50k more than it is in current condition. And it could be cash flowing around $400 a month vs the current mortgage.