I Have An Offer On My House With 2 Leins On It?
I have a house that is being held for colateral on a loan for my ex-husband. His parents have a lein on it also. If I were to sale the house what would happen with the lein that his parents have on the house. I know that the mortgage for his loan would be paid first. The remainder would go to his parents for the lein. What happens if the amount does not pay off the whole amount on the lein? Will the lein still be held on the property? Will I be able to sale the house? I have talked to the bank and they had suggested I sale the house, as I cannot afford to do the upkeep on it. I have moved out of state and would like to get out from under it.
Establish a game plan.First find out as much about the owners situation as you can.
why are they behind on payments. second go to the registry/court house and look over the recorded documents
you will be able to see who is on the deed and loan,
who holds the loan, how much money was borrowed to puchase the property, have they refinanced, how many loans are out against the property . When you have that info you will have a better feel on what to put in your contact letter. if you are able to help the owners out of a bad situation then it is win win situation.
CASH IS STILL THE KING BUT KNOWLEDGE IS THE ACE
IN THE HOLE
BEST OF LUCK
KJ
[addsig]
to access the archives, click on the name of the forum you www.want--i.e. "Foreclosure Forum"
At the lower right hand corner, you will see links for "next page" followed by a lot of page numbers.
Start with the oldest posts--that would be the highest number, and work your way forward.
Okay, I take back my last post. I went t the bottom of the page and clicked on "archives" and low and behold there is a list of all the boards. When I clicked the forum I wanted there were the posts so I can now just search using my "find". Thanks!!!!
cherdwelth,
Step-by-step...
Not much to it. Send a post card to each address that you are interested in. Research the county records under each address. Find out if the property is a 3 bedroom 4 bedroom. Search for any liens on the property.
Send a post card to every address that you are interested in on your list or call the house directly using address reverse lookup.
Once you make contact with the owner, introduce yourself advise them that you may be interested in buying the house upon approval of short sale.
3 way call/conference call with the owner and the bank and advise them that you need the payoff, existing lien information, and ask them what they require to process a short sale request.