Creative Investing, Need help putting a deal together

[Erik Drentlaw]

If anyone has experience with this I would greatly appreciate your help!

From my direct mail here in Dallas, I receive a call from a seller that was desperate. She had stopped paying her mortgage, taxes, insurance, at the end of 2014. House has been vacant for 2 years.  She then tried to sell the house via a realtor on the mls. After 1 year the deal fell through because the mortgage company said the sale was not in the sellers best interested even though the sale price would have covered the note in full. To add onto this there is also a small second lien. The seller gave me her mortgage info and I contacted the company but they said they don't ever deal with buyers and once the seller filled out their form then I would need to speak to their relationship manager. 

Is there any way to make this work? The seller just wants out and to not be foreclosed on by the mortgage company.

[Jeff Filali]

@Erik Drentlaw  I recently did a similar deal with a client who wasn't quite as far behind, but was getting there and just wanted out before they ruined their credit.  They called their bank and got the exact payoff amount without telling them what they were doing.  Then I told them to set up an appointment with their banker to come in and pay it off and I went with them and met with their banker in person and was able to negotiate a deal where I paid the past due payments and fees to bring them current, and also paid the next 4 months payments direct to the bank up front, and contracted to purchase the property for the payoff balance within 120 days.  The bank went for it, the seller was happy and it gave me time to get my financing together to close on it.  The bank looked at it as worst case scenario, it was current and even if I didn't come thru, they would be in a better situation then before.  It was a win, win, win, win outcome as the seller walked away without totally ruining their credit and the debt all paid off, the bank was happy and got paid off within 120 days, I was happy because I got a great deal, and I was able to help another family into a home and make some good profit on the deal.  Keep thinking outside of the box, you never know unless you ask and get creative.  Keep Grinding!!  Good luck!!