Need advice

[Eric Dailey]

Any advice on this scenario is greatly appreciated.

I have a friend who has received a foreclosure notice. He has about 20K equity, but is behind on payments according to the bank. He wants to stay in his house if at all possible.

I'm thinking about trying to reinstate the loan with the bank and do a subject to transaction, after which i would do a lease option to him so he can stay. Of course i would run his credit before proceeding.

Does this sound like a workable strategy? If so, can you advise me on any legal issues? Are they're other suggestions as to how to make this a win for everyone?

Thanks!