Preforeclosure sub2

I have been looking at preforeclosure listings and want to know in what ways a profit can be made when the owner’s mortgage balance is equal to or greater than the fair market value?

I have a similar situation. Mortgage is being paid but this guy is struggling. Market value now is $90,000. He owes the bank $91,000.
He wants to sell for $65,000 and walk away.
My understanding is the bank will get the $65,000
Can the bank stop the deal?
Will they go after the seller for the difference?
Will they force a foreclosure?

Is there a deal here?
Thanks

Patrick,

If you take over his loan Sub2 of $91k, you have paid $91k for the house. Doesn’t matter what the two of you call it.

Now if you want to try for a lower price, you would have to work a short sale with the bank for cash. And this is a long, drawn out, iffy process that sometimes works if the property is truly overfinanced and the bank is cooperative. But it has nothing to do with Sub2.

I have to sellers in this position, they owe more than what the market value is… They want somoen to tak over the payments. How do you structure a deal for that? Or is that possible/