When purchaser a property you can either have the property taxes cleared at settlement from the seller's funds or the buyer can opt to assume them.In a situation where there is a large amount of delinquent property taxes a buyer may decide to assume them instead of paying full price for the property & having everything get settled out of the seller's funds at closing as a way to be into the deal for less up front cash as the county doesn't make you pay all the taxes right away if you assume them.

He also offered copies of tax time settlement offers from two credit cards that he paid off with that offer.

Please give me some feed back as I would like to help this lady and make some profit in the process.I see some other options hereIf she is willing to come to settlement with $23,000, maybe make her an offer to make a payment of $23,000 on the principal of the note and you take over ownership and payments, now having a balance of $117,000.

Qualified acquisition costs include the following items.Costs of buying, building, or rebuilding a home.Any usual or reasonable settlement, financing, or other closing costs.First-time homebuyer.

On the HUD-1 settlement form, I received a credit on the purchase of the MF for the security deposits and the rent collected from the beginning of the month (officially purchased on the 5th of the month).  

The actual language, I believe, is 90 days from settlement (not recording) until "the date of a contract that results in FHA financing"....not from recording to recording, or settlement to settlement, as we would like for it to be.

Everyone else just wastes a lot of time and money to reach a settlement that nobody is happy with.

Rather the lender will be approving a settlement offer/payoff.I was not aware that the lender had done an interior BPO months ago when the borrower was attempting a deed-in-lieu.

Marlene, good thinking, the simple answer is yes.A sub-2, done as a wrap is an asset in the estate and the underlying mortgage is a liability, the contract will be passed in the estate settlement, The bank will be notified of the borrower's estate settlement.

Why don't you credit your escrows to the price less the balance plus accrued iterest to settlement.