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Updated over 16 years ago,
any comments on this type of acontract for a preforeclosure?
each month for 5 months i get $4000 +/- negotiable (i will recieve this at the closing sale. i make the payments that you are
behind on for you. this will give you time to sell your home. if after 5 months you dont sell your home, i will get the house for
whatever you owe on it minus $10000 and you wont owe the 5 months worth of payments of $4000+/-. you will get to save
your credit rating and have money to boot whether or not you sell your house after the 5 months. If however you manage to
pay off all the debt on your house plus whatever i paid onyour debt before the 5 months are up you will get to keep your
house, but you will still owe me the $4000 a month on top of that. this way you get the chance to save your credit, possibly
keep the house, and get a chance to sell your house for what t is worth allowing you to keep most of the equity.
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how does this contract look? if anyone had a pre foreclosure and were desperate to save your credit, would they want to agree to this contract?
Any possible problems or issues with this contract i should concern myself with. any comments are appreciated.