This usually is the best option for most people facing foreclosure. Sell us the property subject to the existing financing. This is where we come in, take your place as the homeowner, catch you up and take over payments, and once we sell the property, we pay off the bank and we pay you part of the profit.
THIS IS CARL
Mortgage total: $300,000
Monthly Payment: $1,200 PITI
Total Amount Behind: $7,200 (6 months)
THIS IS TONY
WHAT YOU SHOULD KNOW:
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Because we split the profit with you, this helps both the seller's current situation and future situation
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No real estate agent commission to be paid (more cash in your pockets)
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Subject to is the best and fastest way to resolve most foreclosure issues
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Leaves you in good standing with the bank
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Stops the foreclosure process and the credit damage it causes
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Carl is 6 months behind on his mortgage payments and has exhausted all his options of help, so decided to call Tony, an expert in foreclosure situations.
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Carl explained the situation, and how he needs to avoid foreclosure, and Tony agrees
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Tony went over Carl's situation with him and saw that Carl's options were indeed exhausted.
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Tony made the offer to buy the debt from Carl. Pay the $7,200 Carl is behind to the bank, take over the loan and property, and after the sell of the property, Tony agreed to pay Carl $10,000 of the profit
Although, Carl still ended up losing the house, he was very happy to take the offer. No one wants to go through foreclosure! Carl still got $10,000 3 years later after Tony sold the property.