Partial Ownership Strategy
Consider this situation:
House is in Foreclosure. Husband and wife are divorced, but house is still titled in the name of both, and a mortgage remains on which both have signed.
If the husband "just wants out" and is willing to sell or give me his interest, what can I do to protect that interest and actually gain full control over the property ultimately?
I've heard of people taking a partial interest in a property, but I don't understand what they can do to control the situation if their partner (willing or not) doesn't fulfill their part of the obligation like paying the mortgage.
Thoughts on this subject are appreciated!
Vince
Vince, it is all in the contracts that are used in a partial interest deal. If you were to take the husband's interest then would you be able to sell the house without the wife's interest. The answer is no. If you are interested in learning more about partial interest deals then check out Joe Kaiser. He does a lot of them. He will show you how to set it up.
Tom