foudn a forclosure need a bit of help

Foreclosures, Short Sales, Tax Foreclosures
1

Hi this is my first forclosure and I need some help to make this happen.

First the deal this home owner is behind on the house by $5,000 they only owe $41k and would take 70k total for the house , they are living to far away to take care of the property. After doing some research for that area and pulling comps I found that the house is worth $110k-$120k.

I was wondering how do I make sure that the $5,000 goes to the bank , should i call and make arrangments with the bank or how does this work.

Thanks

2

First, Get current owner to Quit claim Property
Second, Pay mortgage current
Third, Obtain a loan, to pay off mortgage and owners equity ( use a hard money lender for quick funding, 65% of 120,000, loan amount $72,000)
Fourth, sell the property, make $48,000

Fifth, Send me a cut.

Good Luck

3

Ok I understand now.

What form should i use to propose the deal on? anyone?