i need help i think
i am new at this but
i have a client who’s home is going to be foreclosed upon in 5 days, she just told me her situation - she says that her house has no equity - she owes 179,000 - she appraised for 178,000 the bank is willing to take a loss with a shortsale for 160,000 - had a deal b4 but fell thru
ok given the scenario - i think if i pitch it to her - and im not sure if enough time
only option is to do a quick claim deed to me - i was thinking me & then refinance , then have home lease purchase back – give her 2 months to move - since a short grace period of 1-2 mo after a refinance and have her move with the intent of lease option to another tenant - and in the interum i gain a house - and i will then have a greater net worth
putting my credit on the line - but i see an opportunity to gain a second house that over time will appreciate then i can sell