The sweet:
I have found a buyer in pre-foreclosure. She is 7 months behind on payments on a mortgage of $189,000. She accepted an offer of $210,000 for the house which is valued between $315 - 345,000. Can I flip this to a fellow investor for $265,000 without having actuallly having to get a mortgage? Is that how “assignments” work? How quickly can this be done?
The sour:
My credit was pulled by a local mortgage company about a week ago and my mid was a 615. However, I am 2 months past due on a mortgage because of my bank account being frauded by the theft. I am current on all other credit and car payments.
Is there a broker that can do this deal or any future deals that I get like this? I get quite a few, I am also a real estate agent. Any suggestions on how to structure this deal would be greatly appreciated.
(hard money is the last option)