Short Sale....Clouded Deed...can This Work?
Here's the situation:
I got contacted by a "seller" trying to sell his house because it is in forclosure. He wants to sell it for the amount owed, plus the back payments....Here's the catch...The deed on the public records is in someone else's name and the mortgage is in someone else's name. I spoke to this "seller" about this, and he said "The owner let me take over his payments, and he hasnt made the payments. I quit-claimed the property in my name, and it's held in escrow with my real estate agent friend". Now, there is some work that would need to be done to this property, which would make this a perfect opportunity to offer a short sale package to the bank. Question I have is, how should I approach this so that the deed isn't "clouded", and ensure the bank doesn't find out about this "clouded" title to try and force the DOS and not Short Sale it....Any suggestions?
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