Creative Finance Subject To Question

[Matt Carroll]

Foreclosure - Subject To Question

I have a seller who is in foreclosure and I am trying to structure a subject to offer for them but having a difficult time. Seller finance I totally get, but struggling on this one. I could use some help from other brilliant brains out there.

The seller owes $200,000 on the property (this includes mortgage and back payments). There mortgage is $1200 a month and they want $15k at closing in their pockets (if possible). ARV is $300k and renovations are $30k. They don't necessarily want an interest rate but principal only payments. Any advice out there on how to structure this would be very helpful?

Thank you.

Matt