I did a SubjectTo with some “friends” who’d just filed bankruptcy, with plans of getting the loan in my name within the year.
It’s a year later and though I have the income, and score …a few late payments on a timeshare (which registers as a mortgage) is not fairing well.
The house has been in the market a while, with no success.
They now have explored short sale and died in lieu, however, the first option would be for me to get the loan in my name as was originally planned.
It’s a nice home in nice area…originally appraised at 390k ….mortage is 340 ….now willing to do short sale of 300-320k
Could this be a private lender situation or hard money?
Thanks,
I need some clarification here…when you say you did a subj2 with some friends, who owns title to the property? If they filed BK and are on title this property is now tied up. There’s not enough info here to give good advice.
They’re on the title, because the subj2 was conditional. So, from a business perspective, I could walk away, but due to the relationship, I am trying to explore every option …if you need more info,i’ll go ahead and pm you if need be.
well at best it sounds like you have a 10% below market deal, and it’s complicated by a BK. I’d walk. At the least you’ll have to talk to their attorney to find out what your options are.