Foreclosure on my subject to and due on sale property

[Luis Garcia]

Hello,

I purchased a property with a grant deed on a subject to arrangement. Paid 25K. 

Current Value: 130K. 

Previous seller defaulted on a 100K note that had not been collected on since 2011. Bank of America now is coming to foreclose through Clear Recon Corp in San Diego. 

Do I have any hope? Any ideas will be appreciated. 

I am willing to pay the due note but my credit went down because I made the mistake of using my own credit to fund it as a cash deal.

[Rocky V.]

@Luis Garcia I feel for you. You are probably going to be out the $25K and whatever else you invested in home. I would try calling BofA and find out what needs to be done to reinstate note. The chances of BofA talking to you are slim unless you had seller sign a POA and/or 3rd Party Auth Letter. I would also discuss this with a professional real estate attorney (ASAP) to see what they have to offer. This is why all my sub2 deals have me paying mortgage directly to bank.

Happy Investing!!