I found a seller that is 3 payments in the rears and looks like she will be going to forclouser. She has lost her job. Has some bad credit and is worried about what this forclouser will do to her in terms of her being able to get into another house (buy or rent). She is scared and has childern. The house is in ok condition and she/bank is trying to sell right at market value. The problem that I am confronted with is she has no equity in it. Any ideas? This will be ending soon as she is loosing time. Any suggestions would be appriciated. Thanks, Joe.
Most unforunate when hard times hit single moms. Does she have support from the dad(s)? She may get help from some govt agencies but this may only be short term. As far as housing is concerned she can find somewhere but maybe not where and what she wants. There are hundreds of house deals like hers where there is no equity at least in areas where it is a buyers market and a lot of other foreclosures. If you want to help her just give her a few hundred a month because you would probably lose that much buying her house and it would be 5 plus years maybe before you would see any return. Make your money when you buy. Find deals with equity and win win deals.
Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737