She is thinking about foreclosing she said the bank was going to take the property off her hands how do I go about getting it from the bank and will the bank give it to me for cheap.
She owes 89,000 and I want it for 64,000 is this possible?
2007-09-21 04:34:59 · 2 answers · asked by terrywack 1 in Business & Finance ➔ Renting & Real Estate
Depends...are you in the US?
If you are, find-out who holds the paper...it's not the bank she's (not) paying the money to. Offer him/her/them/it the 64000 to assume the mortgate. If they go for it, you now own the paper. You can then forclose on her if she is in default.
If you're in Canada...good-luck. If it's a $250k property that she owes 90k on, the bank (after they forclose) *might* entertain an offer of $200k, after all, they know the exact fair market price of the proeprty.
2007-09-21 05:17:35 · answer #1 · answered by jcurrieii 7 · 0⤊ 0⤋
Once the foreclosure is complete, make the bank an offer.
2007-09-21 11:42:15 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋