Posted by River City on March 10, 2004 at 08:32:22:
First, I am not an attorney.
Make sure you see the letter from HUD indicating that $7,000 will wipe that $25,000 clean. I would also call and verify the contents of the letter, as I have never heard of HUD doing anything like this. I would also suggest you consult with your attorney before doing this and hire the attorney to guide you through the legal processes. You could end up losing a lot of money on this.
Subject To and HUD/FHA Financing - Posted by mei122@aol.com
Posted by mei122@aol.com on March 07, 2004 at 12:14:50:
An owner of a two-unit recently contacted me via a sign I posted in the city. He is in foreclosure and was interested in resolving the situation. After talking to him, he told me he will sell his house to me if I bring his mortgage current and take over the payments. After further investigation, I found out that the house had a HUD/FHA mortgage. The owner is behind about $25,000. HUD stated that if he pays $7,000, the mortage will be re-instated and the arreage will be added to the end of the mortgage.
Is this common with these types of mortgages? If so, there seems to be a lot of opportunities for investors.