Creative finance for a house that's upside down? Cleveland, Ohio.

[Quincy Kea]

Hi Everyone,

I recently came across an owner of a home in Ohio that's upside down on his home and he's having a very hard time getting out from under it.

The house is on Southview Ave, Cleveland, Ohio. I'm not familiar with the neighborhood as myself and the owner live in Charlotte. But just taking a quick look at Zillow for the properties that last sold in the area tells me that what he owes is more than what he's going to get for it even in good condition.

Comps say realistically, he'd get about $47k for a newer home in that area. He still owes about $55k on the house.

My first thought was to work it out on a lease option, get the deposit for quick liquidity. Have them on a three year rent to own for what he owes. It's a 3 bedroom home, which for the area he'd be able to rent for about $700. Mortgage is around $500. 

I'm just looking for a creative way to help the guy out. He reached out to me yesterday and I set up a meeting with him later this week. I wanted to have a few options for him if possible. Thanks for any help you guys can provide!