You should go for it! You have nothing to lose in fact I encourage anyone looking for a rental to fine a nice house with a owner that is way over there head in arm payments!! Just check zillow for the proper place and area you like. Then check sale dates between late 2004 and 2006. Then check the tax recorders office to see if their not making the payments the more behind the better!! I recommend atleast 6 months behind!
Sign a lease!! Make it for 10 years whatever their going to let the house go anyway. But only make your payments on a monthly basis. This is KEY!
Here is what to do next you go find the deed down at the local court recorders office and trace the bank that holds the loan(s) then keep an eye on the tax recorders office. As soon as the house goes into default and the guy skips town aka quits answering the phone or line is disconnected. It will be a good year before the bank comes a knocking at your door. Then the asset management company comes and finds you a nice guy from Brazil with a mil tuck away they will negotiate 40 percent off the original sale price in late 2006 before the MLS listing even takes place.
Then you find your self humming the national anthem while strolling down the board walk.
