I got a tip from a friend that her dad's neighbor's house is going into foreclosure. (See how important networking is!)
Well my plan is this... I want to run it through you guys and see if it works, or maybe any drawbacks or if its legal all together or possible or... well you get the idea.
ANYWAYS.. the idea:
He's in foreclosure so I want to catch him up on his mortgage and take over payments, assuming his mortgage is assumable. (I heard that even if it is they'd have to check my credit, which is horrible... if so how can I find a way around this? And what if his mortgage isn't assumable... then what?)
I then want to sublease the property right back to him with option to buy. I figure since he already got a mortgage he may be able to get another one to finance purchasing the home from me. (Again, is that legal?? Can I do that? Even if I can, could he actually get financed to buy the house from me?)
I wanted to resell him his property back at remaining balance of his mortgage, plus closing costs, plus amount to take him out of foreclosure, plus profit. (Does this sound reasonable? And how would I get paid? Would everything get tossed into Escrow account and then after mortgage loan is approved I get a check? I'd like to know a little more about that as well.)
Anyways that's it, any ideas on how to do this is GREATLY appreciated... I mean if it wasn't for you guys telling me to take action, I'd have never gotten this far. Anyone with any sublease experience or ANY advice is greatly appreciated.
Also any contracts you guys might find helpful PLEASE let me know!!!!!
Knowledge is Power
Allow your fear to gently pass. Then genuinely ask yourself,
“What needs to be done?”