I am having a bundle of motivated sellers that are in the Preforeclosure status calling me stating they want to sell the home they own. The only thing is that I can’t see where there is any equity in it. I have a home the owner wants to unload for 60k below ARP. But it does not cover up the entire loan. I am wondering what anybody in that istuation would do. It does need repairs about 20K.
Also I just got a call from a lady that has a rental property in FL and is in a preforeclosure situatuin. She did a sub-2 with another investor and deeded him the mortgage. Well now for the last 6 months he has not paid that mortgage causing her to be in foreclosure. She owes 210,000 on the mortgage and it appears is only worth 201,000. Seema risky but I want to help these people as much as possible. I’m just lost and don’t know what to do. Any help would be great.
Thanks