When it comes to fleeting real estate opportunities, it’s either buy with all cash, or buy with a hard money loan in place of all cash.

I have been running into for the past year homes I find vacant/abandoned, know home is a good rehab project, find out who the owner is (assessors site) plus viewed treasurer site to see who is "paying" the taxes currently and after all that work to the point I actually find this owner, the owner tells me he/she "let the home go into default" or in other words, just walked away from the home with a outstanding balance owed to the lender.Well, I have come across a home in Merrillville, IN that is a 3 bed 1.5 bath and is in a nice area of Merrillville but in need of real work; be a good wholesale if owned free and clear... took all the steps I know of and found the owner.

I have been running into for the past year homes I find vacant/abandoned, know home is a good rehab project, find out who the owner is (assessors site) plus viewed treasurer site to see who is "paying" the taxes currently and after all that work to the point I actually find this owner, the owner tells me he/she "let the home go into default" or in other words, just walked away from the home with a outstanding balance owed to the lender.Well, I have come across a home in Merrillville, IN that is a 3 bed 1.5 bath and is in a nice area of Merrillville but in need of real work; be a good wholesale if owned free and clear... took all the steps I know of and found the owner.

There's an outstanding mortgage from 2 owners ago for $140,000. 

The total amount outstanding is right around $1,700.  

I would then be responsible for paying all of the outstanding fees to Baltimore City necessary to obtain the deed to the property.I've run the numbers, and it looks like this could be a good deal.My question is....is it possible to "wholesale" this judgement to another buyer?

In fact though, I agree with much of what you wrote.A wise borrower has already spoken to their prospective lenders and has hopefully formed at least a fleeting relationship with them.

I just am not sure financing wise what would be a good option...should I pay off one of the mortgages first before buying another property or should I go ahead and try to get financing on another with the two outstanding mortgages?

When the property goes through foreclosure the property will not have any outstanding taxes.

You just have to have taken those funds, put them in your account, source them, and show the updated statement from the HELOC that reflects the new outstanding balance and payment.