Deal / Contract Structure

[Allen Wilson Jr]

I am trying to figure the best possible way to purchase my neighbor's house before his foreclosure in one week. He just wants to be done with the property and plans to just let the bank take it. It's easily a +120K property and he owes 70K to the bank. Is there any way to structure a deal that I can pay his past due amount to stop the foreclosure then finance the rest of the property in a couple of weeks. Just seems like a win win situation, no foreclosure for him and I get a smoking deal. Any advice or guidance would be much appreciated.

[Wayne Brooks]

Probably.......you/he would need to pay the amount in arrears, which would reinstate the loan, then you’d have plenty of time to finance.  Do a title search first though, you’ll be paying money on loan to a house you don’t own yet.