Posted by Marty Weisberg on August 15, 2000 at 22:13:25:
Anthony,
This is worth pursuing. You should look at doing the transaction in a land trust. Send me your e-mail address and I will e-mail you an authorization form that I use for getting info from banks.
Marty
??? For all you crazy investors who L/O SFH without equity… - Posted by Anthony - OH
Posted by Anthony - OH on August 15, 2000 at 21:10:50:
I own a house that sits in a good T/B neighborhood. Houses on either side of me were sold via L/O. FMV=75k I owe 59k.
I found a nice house going into foreclosure, but he has only been in it for 18 months and is behind 6+ mths payments. FMV=105k. Only 1 mortgage no other liens.
Owner will deed the house to me to avoid foreclosure.
If I can get my current house sold via L/O I can swing the payment on the new house.
I am going to get him to sign a Mortgage Info Disclosure form tomorrow. (anybody know where I can get one?) So I can get info from the bank.
My risk is limited taking deed subject to.
Is this something to pursue?