Updated about 8 years ago on . Most recent reply
Should i walk away from this deal
Hello BP I have a House under contract for sale until i found out it had a mortgage and the actual owners are deceased. The daughter is the executor and does not want anything to do with the home. The home has 3 years of back mortgage 20k payments and is not in foreclosure yet . The principal balance is 64k. Homes in the area sold for 86k. She does not want to deal with a short sale. And is willing to give this home up. I don't have 20k to clear the loan up and take over the loan. so she is sending a hardship letter to the mortgage company to see if something can be done to get back on track, What can i do to get this deal and turn it into a rental property. By the way the home also needs about 10k to 15k of work.