Please Help! Seller in foreclosure, I'll get the deed
I signed up a deal yesterday. The lady has a VA loan that she assumed 12 years ago. She's in foreclosure and has agreed to deed me the property, allow me to fix it up, and when the property sells, I'll pay her 6,000. I'm bringing her payments current by the way. My question is this, I want her to notarize the deed but I don't want to record it yet and I'll send the mortgage payment in her name. When we sell this on the open market after it is rehabbed, who signs the paperwork as the seller? Me since I now have the deed or her since she assumed the loan 12 years ago?
you would sign the deed on the sale.
PS
you may consider using a title holding trust instead of not recording your deed.
Note: If the deed is not in your name, then you will not receive any proceeds from the sale because you are not the owner. To have the deed notarized, the seller has to sign it in front of the notary.
Tanya
Bad Investor Need Helps!
My relative helped me with a pre-foreclosure I had and he does that now on the side. But want others opinioins too.
consultucc at yahoo.com
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heeranyi,
Why not have the owner put you ON the deed with them? This effectively makes you co-owner of the property. Guess what you can do as a co-owner? REFINANCE! If there is enough equity in the deal, consider refinancing the property.
Use the proceeds from the refi loan to pay off the original mortgage, fix the property, and give the owner their $6K. The new Trust Deed/Mortgage will be in your name only, making you sole owner! All that has happened is the owner made you a partner and then you bought them out!
Or, you could get the owner to agree to a 2nd Trust Deed for the amount that you put into the deal (back payments, repairs, profit margin, etc.). At least this way you'll have a lien on the property to cover your interests.
Hope this helps. Good luck with your project and let us know how it turns out.
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