Subject to deal in the works

[John Cannon]

I need some advise here,

I have a person that contacted me about selling their house. It is a mobile home that has been converted to real property and has been renovated. The seller is asking $165,000 for it and has a PITI of $861 a month. After talking with this person, they are about to be in a federal law suit over their mortgage that is owed on the house. According to their mortgage company tthis person is $3,400 behind on the mortgage. However, the person has been pahing on their mortgage for almost 10 years. Anyway the seller wants $10,000 and they will walk away. Also, because of the law suit that will soon be filed, there is a very short window to do this. My consideration for this is to do this as a subject to with installing a tenant buyer in there. Am I geting into something that I may just want to walk away from or should I get going on this. Also, the law suit hasn't been filed but it will be before Christmas.

[Bill Neves]

I would recommend walking as well. If the bank has the mortgage, says they owe and filing a law suit, forget it. Not worth the hassle. Don't buy a problem. Too many other deals out there.