Evection And Attorney
I was told that if the property is on your company name you need to have an attorney do your evection (I am in IL).
So, its good to have property on your name so you can do the evections? .... where is the asset protection ...... ALWAYS PUT PROP IN ENTITY!
thank you for answering my post. so what you are saying if i understand you is, even though he has a mortgage on my house i can still refi and buy him out. now what happens to mortgage after that?
[addsig]
Basically when you refi and buy him out the mortgage you have with him is paid off and you have a mortgage with the new lender.
Try this place...
http://www.uslegalforms.com/realestate/
Thanks!
RECurt,
Apparently you are not getting the message about violation of the forum rules, many of your posts were deleted, you were sent a Private Message to stop, yet you continue with this current violation.
Maybe you do not understand what being Banned from this board means, however you are about to find out.
John $Cash$ Locke
TCI Moderator[ Edited by JohnLocke on Date 07/21/2007 ]
John,
I have considered discussion boards used to ask questions about a specific deal, which you did.
However, there is State Specific paperwork required to effectively make sure an investor is within the structure of the law. These laws change from state to state, so your paperwork needs to be reviewed by a real estate attorney prior to taking a property Subject To or using the Lease Option method if you are serious about the creative investing business.
If your are looking for answers on the specifics of consummating proper Subject To deals, I have over 4000 posts here at TCI and have read more posts than I can count. I have seen mis-information being posted by some new person who read something somewhere and then acted like they knew what they were doing by re-posting.
I could have asked just a few questions like.
Have your reviewed, renters vs owners, neighborhood statistics, crime rate, etc., appreciations vs depreciation of surrounding houses, school district information, amenities close by like shopping centers, parks, etc., then mortgage information like is there a pre-payment, ARM, what is the existing interest rate, any stipulations on selling or renting, etc.
This is just a small part of what I do when evaluating a Subject To deal, thus my saying due diligence, I know all this information before I go to see the seller.
It is just not as easy as saying "what do you think?" in a post without critical information supplied to those answering.
John $Cash$ Locke
[addsig]