Re: Upside Down in Michigan II - Posted by JohnBoy
Posted by JohnBoy on July 30, 2001 at 21:21:32:
Sell it subject to her existing mortgage? Now, Phil, would you sell one of your properties that way??? 
Sell it on contract for deed and retain legal title until the buyer pays it off!
If she can find a buyer in her area that can handle the payments on this thing, she can make some nice change from this! If that doesn’t pan out then move on to other options.
Even though she’s down on the payments, if she pays anything it should be on the second to get them caught up some. She’s only down on one payment on the first, that gives her some time to do something before they start with any foreclosure process. Just get the 2nd caught up some to keep they from starting anything, then from there do a little juggling between the 1st and 2nd to stall them off until she can find a buyer.
It seems like she has some room to move around with this some. It’s just a matter of finding a buyer for this price bracket in her area.
A little sprinkle of the right type of ads and maybe she can get that phone to start ringing!