I have a possible deal, three months behind on payments, they received a notice of default. House 2 years old in excelent condition. Could one take over existing payments on this, and lease to own the property? In other words, can you do sub-2 on a property in the beginning stages of foreclosure?
Yes you can. Make sure you know what all the fees are that may be involved. Attorney fees could be $700 to $1000. If so see if they will settle for less as they have not foreclosed yet. Attorneys usually add fees which include their actually going to the courthouse and doing the sale. They may give a huge discount if you bring it current. Try to get it done before the first week in Feb as that is when it might be posted. If the loan is a home equity loan the lender will have to go to court first. This adds to the costs too. Hope this helps some.
Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
I’m just getting your reply, as my computer was in the shop for 3 weeks. Thankyou, yes your reply is a big help!!!