All Forum Posts by: Omar Shaban

FYI in-case someone runs into the same situation I did.

1) The title company can find the mortgage pay-off amount once the seller signs the pre-closing docs. This basically gives the title company the authority to contact the mortgage company on their behalf.
2) You can request that the seller contact their mortgage company, and ask for the pay-off amount. In my case, the mortgage company was able to fax this over to me directly once the seller asked.

Once I got the pay-off, I figured out the deal was not worth it, and I had to pass. I did learn a lot though - thank you all for the help.

Hi all, wanted to reach out to see how to best structure this deal. A property owner I got in contact with is in foreclosure. They want to stay in the property but cannot afford payments due to him and his wife's recent surgery.

There is a new roof on garage and home in the last 5 years. No major cosmetic damage, but flooring throughout the home needs to be redone. He is backed up on his mortgage for 3 months and he wants to keep his home and has nowhere to go so I mentioned a "creative deal" (instead of me buying it out right), and he was open to it. Property is in a B class area, ARV = 150k. I'm still working with him to figure out how much is left on the mortgage, however, he does have some equity in the house. What are my possible options in structuring a deal here instead of having the bank take the property?