I have a question which I guess is kind of legal..I understand the concept of locking up a contract on a Pre-foreclosure at a discount; and then assigning that contract to an end buyer Investor for a profit*(assignment fee). My question is-If a Seller has gotten a sherrifs sale letter stating he owes $150,000 on his house;and it is due to be Foreclosed upon next month(For example)-how can I legally do a Purchase agreement for less? (Say-I offer him $100,000 with intention to sell the contract for $110,000 to an end buyer investor and my assgn fee profit is $10,000). How can this legally be done when the Orig Bank Loan is for $150,000-and they "technically" own the home since they havent been paid; and we just "bought" the property from underneath the bank; and "sold" it to an Investor. Do we need the banks approval for all this?-or what am I missing? Thanks everyone for their input.
JER 29:11 Thoughts of Hope; thoughts of a blessed Future