What would be the best way to handle this deal?

[Dustin Dummer]

I have a hypothetical deal based upon a real life situation I just encountered. A person is sick and is going to have to leave their home. I don't have all the details yet but let's say the home is worth at least $150,000. She may owe $50,000 and possibly behind on payments. What would be the best approach to this situation if a deal could be made? Is this a wholesale situation? What's best way to close the deal and to resell the property? I understand subject to reassignment to an investor but what about wholesale to a retail buyer? Would I close on the property with transactional funding then sell to a buyer? Do you use a traditional sales agreement or still use a wholesale reassignment contract to resell to a retail buyer? And what potential issues could arise: I remember reading how reassignment can potentially trigger the loan to  be called do? But i assume if money was owed something would have to be worked out with the bank anyway. Other potential issues? Thanks for your input.

[Account Closed]

@Dustin Dummer 

Issues: 

1) Is she sick physically and moving into assisted living? It's Possible that the State or Feds have an interest in the house if that occurs. Talk to an attorney about why. 

2) Does she have heirs and relatives?

3) Does she have "diminished capacity" (is she mentally capable?) Can she sign a contract, legally?

4) Does the bank know her situation? If Yes, will they work with you. If No, do you have the money to bring the loan current?

Lots of issues that need to be worked out.

[Dustin Dummer]

She has heirs, I'm going to talk with them. For sake of the discussion assume they rights and decide they want to sale. If they don't and payments are not being made then the home will likely go to bankruptcy. I'm trying to better understand the actual process of a wholesale deal if it fits the situation. I read articles on wholesaling but the steps are listed simply as 1. Find deal 2. Secure property 3. Find investor (in this case a retail buyer) 4. Close the deal. But it seems like there's more to it such as the type of contracts as well as negotiating with the bank.