OfflineI have a co-worker wanting to get out of her house.
Here's what is happening, there is a loan due on the house, 300,000 plus.The loan is in her deceased mother's name, not hers, but she is on the deed. She has been struggling to make the loan payments of $2,200 a month.
She missed one and she says the bank is telling that they will foreclose, but we all know thats not true. Anyway, the bank also wants the daughter to come in and sign assumption papers, wanting her to assume the loan. But she doesn't want to do that.
I'm wondering if there is anything we can do to help her out.
The house next door is for sale, it recently was reduced by 20k, so is now for sale for 309,00o. We did comps on houses sold in the area and since it is a very small town, only one house has sold for 630,000 but it is on the other side of the river over looking a vineyard, etc. Just not in the same neighborhood at all.
We would not be able to sell it for a profit I don't think.
We were just wondering if anyone has any ideas on how we could take advantage of an opportunity here before she decides to just let the house go into foreclosure?
Which is what she thinks she might do.
Any advice would be appreciated.
You can do mortgage assignment payments, bring the buyer for her home, the buyer has to be screned, has some down payment, the deed will go to the buyer and the mortgage will stay with the owner of the house. The buyer will be responsibly for making payments, you will make money by getting a down payment from the buyer. The buyers now have problems to get the loans, so you have a perfect situation The owner of the house will save her credit, buyer will be in a nice house and you will make money.Hope this will help, this is what I would do. Halina
Hey Violet,
Whats the FMV of the house in its present condition? Is there any equity? If so then there are more options for you, but you need to know that first. What is the potential rent in the area?
SEMPER FI
GET SOME!
Its such a small town, the rent for a two bedroom is 1200 a month.
About half what her payment is on her mortgage.