Pre Foreclosure ideas

[Dee Xixi]

I am working with a homeowner that missed 6 payments for a total of $18k. The mortgage is around 365K and the home also worth in the same ballpark. The home is in a great neighborwood, I would like to keep the property for myself. I dont want to short sale because i wont be able to find the down payment to buy it . The owner absolutly wants to be out, but it wants 20k. he gave all the docs and stuff .I was thinking about a subject to then try to do a loan modification but want to know if is the only way to do it. or any other ideas please

[Jon Holdman]

You have to make up $18K in back payments, the owner wants $20K in cash, the house is worth what's owed, and you're thinking about a subject to?

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Falling in love with a house is a sure way to over pay, and you're well on your way. This is not a good deal even for an owner occupant.

If you can get a loan modification, the most likely outcome would be to get that 18K tacked on the end, or to get to spread out paying that $18K over a few years. If you're thinking you might get the loan balance reduced, I think that's extremely unlikely. I just don't think that's happening. You need $38K off the balance to be break even. That's 10%.

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