Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago,

User Stats

5
Posts
0
Votes
Franklin Hollins
  • Philadelphia, PA
0
Votes |
5
Posts

Should i walk away from this deal

Franklin Hollins
  • Philadelphia, PA
Posted

Hello BP I have a House under contract for sale until i found out it had a mortgage and the actual owners are deceased. The daughter is the executor and does not want anything to do with the home. The home has 3 years of back mortgage 20k payments and is not in foreclosure yet . The principal balance is 64k. Homes in the area sold for 86k. She does not want to deal with a short sale. And is willing to give this home up. I don't have 20k to clear the loan up and take over the loan. so she is sending a hardship letter to the mortgage company to see if something can be done to get back on track, What can i do to get this deal and turn it into a rental property. By the way the home also needs about 10k to 15k of work.

Loading replies...