RE Rookie needs to know if this is a possible deal

General Real Estate Investing
1

A house in preforclosure. Valued at $55,900. She owes $43,000 on the note and is 2 payments behind. She said she got a letter saying she has to pay $4,000 to catch up and keep the house from going into foreclosure. Payments are $516/mo P.I.T.I. She said she wants $5,000.00 down for her equity. It will take me about $3,000 to fix it up for move in condition. Now I know that would not be a deal. What I need to know, is how to go about offering the mortgage company a discounted price for the note. I know I need to get authorization to access her mortgage information but is there a form and if so where do I get it. Will I need to pay all cash to the mortgage company to short sale. Any other ideas or sugesstions is greatly appriciated.

Jason :help

2

Hey dude! Why not try and find someone to lease option the house from you in as/is condition as a fixer/upper or why not level with the lady and show her that there is not much :hammer money in the deal however there is a solution to the problem. Tell her you can split the proceeds with her after you sell the home or my last suggestion is refer her to an agent and tell the agent to pay you a little spiff. (the last one is your worst case scenario, but the reality is someone is going to get paid here, and you want to make sure that you get some of these monies.