Found a property people are past due on.

[Christopher Morales]

Hello Everyone,

I am not sure this is the right section to be posting this so it its not feel free to move it.

I found this property that i would like to purchase and the owners have not paid the mortgage in over a year and owe like $46k. The property (once 100% fixed up) is certainly worth more, from my research at very minimum $100k. It has new 200amp service, and new gas heater but needs a few more little things that i can take care of.

I met with the two owners the other day, they are going through a divorce so it was tough getting them in the same room. They are financially unable to keep the property and have not make a payment in over a year! I have not spoke to their mortgage service provider yet but i am wondering if anyone has ever done a deal like this or has any advice? I am going to meet with my local small community banks this week but was wondering if there is a way with dealing with the current finance company. I also know and understand that almost no small loans like this are assumable so i know that is not an option.

A little backround info about myself, i have been in real estate for 6 years and have done all kinds of deals but this is a first of its kind.

Thanks in advance everyone!

Chris