Quote:
Originally Posted by Dennis Rodman
So for instance, home A is going through the foreclosure process. Steve (the homeowner), owes Bank of America $150,000 on the remainder of the note. The house is say worth $250,000.
Contact Bank Of America and let them know that you would like to purchase this home outright for what the lendee owes them. Let them know you are a cash buyer and can close quickly hence saving them the enormous cost and hassle of hiring lawyers and going through the legal processes of foreclosure. They may even stew on it a week or two, and they might even counter offer. No big deal... roll with it. If it's not for you just move on to the next.
More than once this has worked for people and it is worth a shot. Good luck.
|
So this means you pay the bank $150k + fees and the homeowner $5k? After paying off $100k worth of the loan (when he was solvent) he's left with $5k cash and no house? Hardly seems fair.
Then again, if I ever thought I'd be getting into that situation I would have had the house on the market well in advance so I could sell it on
my terms and come out with at least a bit of cash.