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Updated over 8 years ago,
How can I help this lady?
Ok BiggerPockets members, I am trying to figure out how I can help out someone in need. I have a lady who is in pre-foreclosure, she is two months behind on her payments. I plan to take the property over subject-to. The lady is in her 70's and fell behind on her payments due to some medical expenses. Here is my question. Would it be possible for me to purchase the home, get it qualified as a HUD/Section 8 rental unit and then get her qualified for rental assistance and rent it back to her? I would love to figure out a way to let her stay in her home. I have zero experience in this area and I have no idea how long this process takes or what the requirements are. I will be on the phone with our local office first thing in the morning. I would love to just rent the property back to her, but if she cant make the mortgage I don't see how she would be able to make the rent either and I cant take on that risk. Thank you in advance, -Ian