Assumable Mortgage & Foreclosure

Hello All… I Have a question for the experienced REI members…

I have found a deal from a realtor in my office ( im a realtor too ) she has gotten under contract a property which is vacant and facing foreclosure… she is telling me the mortgage loan is assumable…

How can i creatively get this deal and wholesale or retail… and make some money ?
I dont want to be responsible for the mortgage or for a real estate commission…
What might i be able to work out on home, mortgage, and with agent…?

The house is coming in @ 200K 60- 90 day sale
& 30 Day sale would possibly be 190K…
She owes 165K…

What questions must i ask ?
What can I do with this deal ?
with or without sticking my neck on the line…
I figure the mortgage to be with taxes and insurance about the same as it would rent for 1350 per mo…
What kinda offer can i structure ?

I was thinking wholesale or maybe L/O, is this correct…?

Any detailed info would be greatly appreciated… !! BIGTIME !!
I must move fast on this one… as the date is set for like 2 weeks…

How can i stop foreclosure process and make something outta this deal… ?
Shortsale … maybe…?

Which ways do you all reccommend… please respond ASAP !!

Mohegan

Make an offer subject to the existing financing, make up all the back payments and fee’s, run it through your title company and use a servicing co. to make payments through. You could have title as soon as your title co can verify and you OK the current loan situation, and approve any liens, they would become yours ! Relist ,advertise and sell. Get partner to help with upfront costs to get mortgage current. You will need direct dialog with sellers,loan statements and motivation. Hope this helps !