I have a situation where I just found out my sister-in-law and her husband will be being foreclosed on the 22nd of this month. She was asking my advice about what their options may be. They're in the middle of a divorce and he was supposed to be looking into it and hasn't. I mentioned the possibility of me, as an investor, doing a lease option and putting a tenant in there. However, I've not done one of these before and although I know the basics I'm a little unsure of where to begin. Would I contact the bank to work a deal with them or would I work up a deal between myself and my in-laws and then present that to the bank? I'm not really sure what my options are given the very short amount of time we're working with. Thank you in advance for any advice you can give! Much appreciated!
Do you know if the 22nd the auction date?
what is ARV and payoff amount including arrears?
What is payment Piti and market rent?
Stay out of the middle and just let it go to foreclosure. Do not get involved in family matters. The house is insignificant at this point.
That is way too late.... Could have sold it at loss thru a divorce attorney. You will get sued by the tenants for not disclosing it....
I will let it go.....
The 22nd is the auction date. The ARV is approximately $180,000. They owe approximately $154,000. Just found out about this yesterday. I don't have the details on arrears yet. Their payment is $1,080 and the house would easily bring $1500-1600 per month rent.
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