Is it possible to do a contract for deed and keep a homeowner out of forclosure right before shreiff sale?

Question

Im a beginning investor and I found this house that is going to a sherriff sale next month. I would like to be able to pay the mortgage company what they owe for late payments and set up a contract for deed or something like it with the home owner. At the same time put the house up for sale. when the house sells pay off the mortgage and keep the profit. Could this work?

Answer 1

It could work if you make up all the back payments and late fees.  Always try to cash the owner out if you do this.  Contract for deed could backfire with a homeowner who can't pay his bills.  I'd skip it.  THere are a million houses for sale. /

Answer 2

Probably not but call the mortgage company and ask - you have nothing to lose.

Answer 3

if they did not pay the mortgage company, what in the world makes you think they will pay you?