OfflineHow do I go about finding the delinquent mortgage on a property? I know someone is in default but it has not gone into foreclosure yet. The property owner is renting the home out but is not paying on their loan. I would like to find out what is owed in the rears before I make an offer. I can still rent the home to the same person or even sell it to them but I do not know what to do.
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Can you get in touch with the owner? If so that would be my first step. Talk to them and ask. But it sounds like s/he has already accepted foreclosure and is being smart by leaving and renting it out, making some cash! S/He may not want to sell, cause then s/he wont be getting the free rent $ anymore, s/he'll get nothing!
Don't Wish the Past, Create the Future! - DH
I can understand that. How can I go about acquiring the property myself or to help the renter in getting the home with their bad credit?
You can find out approximately how much the owner owes by going to the title company and having them pull an abstract title report. This will show all active leans on the property. Not exactly what they owe, but what it started out at. You can then roughly estimate how much he owes.
Offer him enough down to bring the mortagage current, then have him seller finance the property. After you get ownership of the property you can offer the tenant a lease option. You can carry the lease option as long as is needed to get their credit in good enough shape to purchase the property.
When I do this sort of transaction, I have my mortgage person contact the tenants and work directly with them to help and guide them through the process of cleaning up their credit. Then when they've cleaned it up enough to qualify for the loan you complete the sale. It should only take a year or two to get their credit in a good enough place to buy the home.
Good luck,
Jim