Updated over 3 years ago on . Most recent reply
Buyin neighbors property... will be in foreclosure.
Hello. I want to buy my neighbor's property. I have spoken with him over the past several weeks. He will file for bankrupcy in the Spring and stop making payments on his home while it goes into foreclosure (to save money not making mortgage payments)
How can I prepare to snap up this property when it gets near getting foreclused in 9-12 months?
223 Cherokee Drive
Worth $250K
Mortgage balance today $195K
Most Popular Reply
@Pablo Mendez why not buy it now sub to. He is going to lose it any ways and sounds like has decided that it is gone. If he is current on payments now get it under contract to buy at a date in the Spring before he files for bankruptcy, and give him some walking around cash to get into an apartment as that will be near impossible after bankruptcy.