Posted by dave410j on April 29, 2003 at 12:08:13:
I am in the process of getting the mortgage information from them. My credit is fine. They could deed me the property and I would own the house. However, I am not sure that I want to own the house. My latest thought is that I want to get them under contract(as if I was going to purchase) and try to find a buyer or a rent to own tenant. That way I would not be committing to the purchase. Does that make sense?
Regards, Dave
Newbie - owner has an insane mortgage rate - Posted by dave410j
Posted by dave410j on April 28, 2003 at 10:59:27:
I have a motivated seller that was given a house by their father and the can not keep up with the mortgage payments on two properties.
House value $49,000
Mortgage $42,500
Monthly payment on mortgage loan is $629.
They said that they could not get a loan for this property so they had to go to a private lender. The lender must be charging over 15%. I have to get the mortgage document from them but in the mean time I am trying to figure out how to do this without any of my own money.
At first I thought that I would try to do a lease option and get a tenant-buyer in there. But the mortgage is way to high for the low quality house.
I could try to find a buyer and do a double closing I suppose. Any ideas. Honestly, I know my emotions are getting in the way but I feel sorry for these people and want to help them out. They are killing themselves trying to pay off this insane mortgage.
Dave
Your emotions - Posted by IB (NJ)
Posted by IB (NJ) on April 28, 2003 at 15:39:11:
Feel TOO sorry for these people and next year YOU’LL be the one trying to get an investor to take this problem over for YOU. Leave your emotions out of it and only do the deal if the numbers make sense.
In the meantime, how’s your credit? Can they deed you the house as you refinance at a lower rate?
Re: Newbie - owner has an insane mortgage rate - Posted by michaela-ATL
Posted by michaela-ATL on April 28, 2003 at 11:18:10:
Dave,
don’t forget, that this payment most likely includes taxes and insurance payments. If this is only the payment, then you may want to check on your local ‘preditory lending laws’, to see, if there’s a way to get out of them.
michaela