Pre-Forclosure: Subject to Existing Mortgage

[Joshua H.]

Hello all!

Thank you in advance for viewing this question. I have two properties under owner-financing and I am looking to personally move into a pre-forclosed property via subject-to the existing mortgage held in a trust. Assuming I find something that meets my criteria anyways.

My question is about how to approach and appeal to the homeowner. Do any of you have experience based on subject-to? Any insights that you would like to speak of based on experience about the process? 

Again, I do plan to make the property my primary residence so that does negate some ethical issues. I plan to be able to make all the back-payments and potentially give the seller some money to find a new place if that is a need.

My original idea was to show up in person to find out what their needs are, see if I can potentially solve their needs with subject-to, and be as frank as possible about the process. If the property met my criteria and the owner was not fond of the idea, I planned on following up with a personable hand-written letter.

Thanks again for viewing! 

Joshua Hankle