I found a house that a guy wants to dump. He got suckered into a refinance from an ARM. He was recently laid off from his job about 3 months ago and wants to move out of state. The only thing keeping him here is the house. He owes approx $105,000 on the house at 9% interest monthly payments now $890 per month which does not include taxes and insurance. He is about 4 months behind and owes $1,600 in taxes that were due in December. He wants nothing but to get out.
He just faxed the bank stating that I had permission to talk with them. He said that the bank guy (Citifinancial) said he would seriously consider offers in the $80's. I could get about $800+ultil., for it. It is only worth about $80k if not less.
Any thoughts on how to help this guy out and how I should pursue?
Thank you guys and gals for all your input. It sure is appreciated!