They do follow the 4 c's for qualification meaning they will look at your cash, credit, collateral and character to determine your ability to pay back the loan and to qualify.

You just have to explain to them that you would be taking over their payments and that the actual lien from their bank would still be in place (but at this point that shouldn't be too big of an issue I assume b/c they're already on the hook and you're trying to save them).Honestly at this point, I think you just need to get more information on where they're at in the process and go from there.

That's a very good one George C., both the mold issue as well as the idea of whatever is on the net or in old listings will likely be around for years and will likely be discovered, either by the buyers or their agent when they do a little googling of the address or look at the old listings on the mls.

Jeffrey C.

I'm a LO out here in CA, and I don't know how they are getting to 80 LTV, but if they are, then what you're getting is totally solid.I only know of 75 LTV max for C/O refi on investment property.Just my .02

If not, you can continue to save or come up with a plan B/C/D, which might entail you finding a single family in an up and coming area, renovating it, and reveling in the instant equity.

My question is: I talked to an attorney in Ohio about doing a "subject-to" deal and was told A) There is no 'subject-to' in Ohio, B)It would have to be a land contract but the rules are different because of the exsisting mortgages and C) That I HAVE to use an attorney for EVERYTHING or risk getting in trouble for practicing real estate without a license.

The two systems operate separately so no need to figure out how it works with the A/C.  

When I was 18 my boss told me that I'd need credit soon, that I should start by filling out applications for  a store card or two, Visa, M/C & Amex.

I try to hit people I think no one else is hitting.One area I've had success with is a "C" area.