Foreclosure- Practical Tips For Property Transfer
I am a private lender currently foreclosing on a property. The current owner has never lived in the property and originally intended to flip it but has given up. He currently has a short-term renter living there more for the security than the rental income. I would appreciate any suggestion on a list of things that I need to get done in anticipation of getting the deed after the judicial sale(30-45 days).
Since no one answered, I will. Sounds like you need an attorney!
Can you get the current owner to give you a deed in lieu of foreclosure to save you the hassel and expense? It is worth the try.
If not get a foreclosure atty and start proceedings.
Quote:
On 2008-05-30 21:46, whitebb wrote:
Since no one answered, I will. Sounds like you need an attorney!
I have a lawyer handling the foreclosure. The advice that I am looking for is regards to actually taking physical possession:
Insurance?
Hiring real estate agents?
Security Issues?
Depending upon the language in the promissory note and the mortgage, you may also have a right to assignment of all rents as long as the tenant is in the property while pending foreclosure.
Something else to get your attorney working on.
having the right to collect, and actually collecting are two different things.
Here in my area, it is typically a two step process:
1) Foreclose
2) evvict
and there is local talent for each.
If you are paying the tenant to leave, what grounds to you have to go to court for a judgement?