What can a person do that can no longer afford to make payments on a new (just built in the last year) property? There’s not much equity, but what is owed is less than the market value. They don’t want to lose the home via foreclosure. Can an investor help them out? It is not their primary residence. Actually they are renting, but this home is an investment property and they have not been able to find a tenant. They are getting deeper in debt trying to make the mortgage payments. Do they have any way out of this mess?
This is a typical scenario for the “Subject To” investor.
Okay, thank you. I’m not sure if I was clear. When I mentioned “they are renting,” I meant that they live in an apartment in another state from where the house is. The house is in Nevada. They rent an apartment in California. So what they need to do is find an investor that will take over the payments “subject to” the existing mortgage? Where can they find an investor to do this?
They could try going to a local REIclub in there city.
Get to know a few people and find out who the subject to buyers are.
Can Be Done
I am an investor in Chicago and I have contacts in Las Vegas. You mentioned the house is in Nevada so I am assuming it may be near Vegas.
I’m assuming the house is empty. Have you tried to sell it on your own?
I have some ideas for you. You can avoid foreclosure and save your credit.
You can contact me with a Private Message.