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Updated over 7 years ago on . Most recent reply

User Stats

75
Posts
45
Votes
Kevin Fontleroy
  • Investor
  • Lee's summit, MO
45
Votes |
75
Posts

How can i take over someones payment and get on title

Kevin Fontleroy
  • Investor
  • Lee's summit, MO
Posted

Hey BP,

Back again with another situation that i need some guidance through.

I have a young lady that is behind on her payments buy about 10 months with owner financing.  She wants to get out from it but doesn't want the foreclosure.  I'm pretty sure the note holder isn't rushing to foreclose or it would be done by now.

I have the means get her current but how can i take control of the property, get her name off the title but keep the same terms with note holder.  Is it just as simple as calling the owner and asking to keep the terms if i can bring it current or is there a better approach.

I know people love the numbers so here we go

PPrice:  55k (including the back payments)

Rehab:  20k

Arv: 110k - 120k

i would love any feedback.  Thanks

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