Pre-foreclosure land trust

[Jesse Conners]

I'm interested in marketing for motivated sellers in pre-foreclosure. I'd be interested in paying any back payments and taking over the existing mortgage using a land trust as long as it'd be a win win situation. Is this being done? Why haven't I heard much about this strategy? Can I do it in New York? What do theses deals typically look like (how many payments are these homeowners usually behind and how much is a land trust?)? And finally, can it be without using a land trust? Thanks!

[Wayne Brooks]

Nothing magic about a land trust.  Why do you think you need one? Owners can be 5 months, or 5 years behind.  Most will be upside down.  It's called sub2, and done every day.