OO Private Money Bail Out

[Ryne Sweeney]

Hi all,

I am searching for a lender that will do a pretty hairy deal. The borrower is occupying the property and is in pre-foreclosure. She owes about $150k and the property is worth $500-600k. She is looking to get out of foreclosure (and if not a crazy idea) pull out some cash. 

I advised the borrower selling the property is the best option, but I know the infinite wisdom on BP may have other options I have not exhausted yet.

Anybody have a solution for the borrower to stay in their property? 

Thanks in advance. 

[Jay Hinrichs]

Quote from @Kerry Noble Jr:

Essentially you can find someone to put a note on it for, lets say 250 and out of that 250 the 150 gets paid off but they hold the note on it now. 

this is mission impossible.. on the loan side  its an owner occ loan.. you have to do full dodd frank and she wont qualify.. also you have pre foreclosure laws that have to be adhered to.
Sale is what needs to happen in my mind full stop the rest is just talk and wishful thinking.