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Real estate Investor Advice

Posted by Dzshenae on October 02, 2000 at 22:53:06:

Greetings! Need Advice
I have someone that is willing to sign his house over to me at no money down. The only problem is there are alot of loop holes. He is an elderly gentleman who took ill and fell behind on his mortgage. A con man told him he could relieve him of his troubles and he desperately agreed. I found out about this eldery gentleman through a friend that is currently living in that house and has been for almost two years. I couldn't get it out of my mind. I could of just went after the house on my own but I chose to inform in that he was still and in debt the owner. He owes 21 months in back mortgage. I made a deal with the bank to consider a loan modification which makes the mortgage more than the value of the house. If I assume the mortgage I could pay it because the house is a three-family dwelling in Brooklyn. There are also other squatters in the house. But I don't want to get myself in a bind where I am over paying. But the plus is he will be free and clear and I will own a home. what should I do? I would appreaciate any suggestions. P.S he has a FAH loan which may or not be assumable. I am not sure. I was also wondering if there were any real estate-on-line chat lines.

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