Need Help --- Questions Regarding A Short Sale
I have questions regarding a short sale. Maybe someone with experiences could help me out.
When I fill out a Purchase Contract for a short sale, do you use my Corporation name OR my personal name?
I have the course Financial Freedom Through Foreclosures (short sales secrets) and have read that you can NOT do an Assignment Of Contract, so I would do a double closing with my new a CASH BUYER. Is that correct?
Also, you can NOT record the deed unless you sign the deed as the trustee and put it into a land trust. What if I do NOT use a land trust, could take the deed from the seller and hold it but do NOT record it and bring it to closing when its time?
Also, should I create a new deed and have the sellers sign a Quite Claim deed?
Proof funds letter, should I get a hard money lender first and get approve and have that for back up or have my new buyer provide me with a letter of proof of funds?
Thank you for your time.
Carol
Ohio
Im not an expert on Colorado State law, but in most cases a judgment will remain as a lien on the property unless extinguished by bankruptcy or foreclosure (depending upon the seniority of the judgment lien). You will have trouble reselling or financing the property until the lien is released.
To get clear title, the judgement will have to be paid, or the Judgement Lienholder would have to agree to release the lien, and resume with the garnishment.
If the Seller were to quit his/her job... the Creditor would have to start again.