Possible Foreclosure Strategy... Curious To Know

[Shaniqua Dupree]

Hello All,

So ive been thinking about foreclosure homes and how to get people out of the situation by creating a win win situation. So I have a possible strategy but I want to know if it sounds ok.

Example Scenario:

I have a motivated seller who just received foreclosure paperwork.

They want out of the foreclosure and is willing to allow me to buy their house "subject to".

Now the only way to stop the foreclosure is if I get put on the deed and use my active military orders to stop the foreclosure. (In logic thats how it would work)

Then the home will be in my name and the home owners will no longer be in foreclosure status. 

I then place tenants in the home or sell it or whatever I decide. 

The perks for the tenant is that now they can find a place they can better afford and the foreclosure is removed from the credit. 

Does this sound right? Should I tweak the deal or drop it? What would you do and why?

Its just an example.

Thanks so much. 

Shaniqua Pope

[Kelly DeWinter]

@Shaniqua Dupree

. buying a home "subject to" means you are taking over the payments, it does not change the foreclosure process from the first lender , unless you cure the deficiencies for the note holder.

. a foreclosure is on the mortgage, the property title is the collateral for the mortgage note.

. Being on the title does not stop a foreclosure from occurring, you have to be on the mortgage note to use your Active Military Service to stop the foreclosure on the Mortgage.

.I would avoid this at all costs as there are too many ways for it to go wrong and if it does go wrong and you are sued , your command would surly become involved. 

. Before you attempt this consult your command JAG officer for advice, It's free , and if by slim chance they sign off on an opinion letter, it may help if you find yourself in legal trouble.