Chicago Pre Foreclosure

[Arthur Doss]

What would you do .

I have a guy that desperately needs to get out of his pre-foreclosure. In Maywood , IL he said he currently owes 130. He told me he was drunk when I called him so he told me to call him tomorrow on Sunday lol.

Wife left him. Lost his job.

Last sold for 140

Comps 180-200

Purchased in 2018 so equity ? I doubt it.

[Lou Gonzales]

Hey Ron, I absolutely hear ya and agree. So let me tell you a story. Way back when I was buying everything in sight with none of my own money,LOL I bought a lot of property just taking over payments right. I never realized I was buying subject to. Now I'm in the middle of this new funding training program and they're teaching subject to. Now once I got into it I thought to myself, what about the due on sales clause? I called a buddy who is senior vice president of the loan department and I ask, How often do you accelerate on a sub to loan? He said he never had, that they wouldn't find out or have any reason to ask. As long as it's a performing loan they don't ask. But better safe than sorry.