How to buy a property that’s worth less than mortgage balance

[Greg Isaacs]

Hello everyone!  I’m looking for some advises on how to purchase a property that’s worth half of the current mortgage balance. The owner wants to sell but only if the mortgage can be paid off. What is the best approach? Ideas? please share. Thanks

[Patrick Strain]

Hey, Greg. I used to live and invest in Binghamton, too. I just sold my last Binghamton property about a year ago. If the current owner is delinquent, it puts you in a better position, because the bank who holds the mortgage might be willing to take a loss on selling the mortgage to you. The biggest issue is that if you're looking to buy the mortgage off of the bank, you'll have to have it all in cash, because you won't get traditional financing in this situation.