How do I structure this deal?

A Complaint in Mortgage Foreclosure has been filed
against the current owner of my childhood home (in a
different state). The owner lives out of state and
had been renting the house for the last few years. He
recently went through a divorce and apparently couldn’t
keep up with the payments after the tenant moved out.

The owner purchased the home from my family 8 years
ago. The house looks to be in good condition.

I do not have the credit or assets to purchase this
house at this time. I never wanted it to be sold and
now that it is available I am looking for a way to
make a deal to get it back. Any ideas would be
greatly appreciated.

– Cyd

Howdy Cyd:

How much time do you have before the foreclosure? Is it posted for July?

You have more options if you have more time. The quickest way is to contact the current owner and get a deed and written permission for you to get loan info. You need to send mortgage company the past due payments and attorney fees etc to bring loan current. You can keep on making payments on the loan . There are several methods to do this creating trusts etc but for now if foreclosure is next week you need to do the steps above today and Monday. They will accept payment Tue am but you need to move post hast.

If you have more time you may want to get a new loan with a hard money lender perhaps. There needs to be plenty of equity to do this. If home needs no work they will loan 65 to 70% of the appraised value at 12 to 15 % interest. These are just short term usually 4 to 12 months. There are other loan companies that can do a lot better with a little or no credit and you will have to do some hard searching.

You asked about lease option in another post. I would prefer to get the deed. If you could make lease payments directly to the bank a l/o may be OK but why not just get the deed.

PS You need to get title search done before bringing loan current and spending money. You can find someone at the ourthouse or a title company to get this for you. This will insure that there are no other liens or judgements and that he actually is the owner. You probably will need to get husband and wife to sell you the house.

Hope this helps a bit. A big hill to climb if posted for July 6. It can be done but you will need some help fast. Post again if you have more questions