Is there any reason not to pursue a SS where others have tried?

[Sam M.]

I just spent an hour talking with an owner 2 months from foreclosure. They have had 2 people try to work their SS magic to no avail. I believe the last one was another investor in the area and the owner shut it down due to the lender wanting to give a 1099 for the full deficiency.

It is an investment property where their company built a home and because they could not sell it before closing the construction loan they took it on as a personal liability. (property and loan in own name(s)

They have agreed to sell me the property through a SS and I will be getting back with them on Monday.

Any thoughts?