Howdy folks, I’m new to the board.
I have an acquaintence that’s about to walk from their property, as the wife lost her job, and they can’t afford their house payment any longer. They are current on their note now (believe it or not), but are planning to move out at the end of January.
Rather than suffer the consequences of a foreclosure or deed in lieu of, I thought they might want to consider doing a lease-purchase (they don’t want renters, and market rent wouldn’t cover their mrotgage payment).
The property is in good shape and needs virtually no repairs. They have no equity in the property (purchased the home new 3 years ago in a neighborhood where the production builder is still building out and offering huge incentives) and may even be upside down a bit. A foreclosure just sold (comparable to this property) across the street at a steep discount.
I thought if they could get some option money and someone to cover the monthly payment, they might get to sell the property in a couple of years and avoid foreclosure.
Any thoughts?
Thanks,
Joseph