I am a newbie and could use some advice. Recently I found that a Complaint in Mortgage Foreclosure has been filed against the current owner of my childhood home (in a different state from where I live). The owner moved 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 money to purchase the house at this time. I never wanted it to be sold in the first place 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.
well i can tell you it is not a good ideal to buy property that you may be emotionally attached to , for it will be hard for you to make the right choice when you need to part with it
There are many ways to get in with no money down. I would have to know all the numbers though, how far behind in payments the owner is, how much the property is worth, amount of equity, etc…
Why dont you contact the owner, offer to take over the loan ‘subject to’, and borrow the money to make up the back payments. If he wants some money for his equity, you could offer to first get him out of his situation, have him carry back a short term 2nd Trust Deed on the property until you refinance. Explain to him this is your childhood home and would really like to buy it back. I think if you could put this together without any money. Try borrowing the money to get his payments back up to par from your parents?
You could also find a private investor to put up the money if you are getting a decent deal and then turn around and refinance it.