hello,
I am completely new to short sales and assuming mortages. I called a laborer i knew to see how busy he was and he informed me that his neighbor’s mother died and her house is late on 8 payments. I don’t know how accurate the info is, but he will call me back with contact info and an address later. He said she would prolly be willing to just let me assume the mortage if it is assumable.
What would be the way to go about this? Should I wait for foreclosure and try a short sale or try and take over the mortage? Does it just depend on the equity involved? Can you offer a bank a buyout on a late mortgage?
I will come back with details as soon as i find out more. I just wanted to get a thread started. TIA
Motivated Newb