Wholesale Foreclosure with no equity

[Quincy Miranda]

Hi Everyone! I am new to real estate investing and I have jumped into wholesaling. I sent out my first set of mailers a week ago and received my first call! The seller is very motivated and he wants to save his credit from a foreclosure. I need some advice on possible options.

Here is some of the information about the property and his issue:

ARV: 150,000

Rents for 1450

Minor Repairs (cosmetic)

He owes 23,000 to bring the mortgage current

They will auction the property 5/10/18

Original Loan amount 132,000

Bank is asking for 145,000 due to fees tacked on

Can someone please advise on what possible options I have for the seller? Thank you in advance for any advice!

[Tom Gimer]

This is the second reference to seller financing on an upside-down asset I've seen today.

This owner can't afford the mortgage and is about to lose the home. They probably couldn't loan anybody $20 right now.