Pre Foreclosures
Hello All:
Whats best for a preforeclosure where the seller wants out as long as the back paments are caught up and some moving expenses.
A land trust and making me the majority beneficary or one that makes me the trustee, how does this work and whatrs involved in setting up a trust of this kind. Pls walk me thru the steps.
Hey bubba!
Before you move forward get an auth to release information signed by the owners and fax that puppy to the lender(s).
Then get your booty on the phone with them and find out figures, how much, balance, back payments, etc.. Remember "Your helping the seller by speaking on their behalf with the lender to bring the loan current and performing".
Then if you wanna be a slick lil puppy go to your office store in your area!! And buy a blank Quitclaim Deed.. Type in the legal descrip (available on a the mortgage/trust deed which is public record and filed at the recorders office in your court house) and the owners (sellers) names and LEAVE BLANK the buyers name.. Then have the owners sign that in front of a notary!!
Once you have deed in hand, then move forward with the project, personally I don't put much time nor effort into any sub-2 until I have a deed, I' won't even risk wasting my time to come across an seller who decides not to go thru with it..
You can deed it to yourself or to a land trust, personally I do it to myself, I'm not afraid of lenders nor their DOS clause..
It's me or the highway as far as their concerned.. And the highway for them is foreclosure.. I have yet to come across a lender who had any problems with a performing note..
Chris,
Oh, btw, b4 you jump into this without knowing what your doing.. A fair warning RESEARCH THE PROPERTY and make sure it is clear of any liens or encumberances..
I use quitclaim deeds on sub-2s personally and am a-ok in doing so, because I know what to research before I move forward..
It is called a "title search" talk to your local title company for additional help or info on this topic.. Their helpful and will provide free title packs, trios, property profiles, etc.. They all come them something different.. I call'em title packs as I use to work with and for an re appraiser for 3 years.
Chris
Thanks