Wrap around mortgage

[Mike Neubauer]

Looking for a quick rundown on wrap around mortgages and my potential deal.

I had a seller call from my short sale marketing. He has am upcoming sheriff sale on March 1.
Judgement is $110k ($100k mortgage and $10k in fees)
CMA shows the house value at $145-155k

My thoughts are to pay the fees to bring the mortgage current, take a seller financed wrap around mortgage from him, do some quick cosmetic rehab and relist. I'll have 20k into it and be able to sell for $35k profit minus selling costs.

What are your thoughts. Would paying the lates fees and taking a lease option be a better bet?

Can I market the home for sale (after the cosmetic rehab) by contract if I only have an option on the property?

[Chris Masons]

hi mike,

correct me if i am wrong but isn't equitable interest when your name is NOT on the deed but you have equitable interest by a contract for deed or something similar?

thx,
chris