Can This Be Done?
I have a property that I've been trying to short sale through a loan servicing company. The note is privately held through multiple beneficiaries, one of whom may be dead. The servicing co. is ready to ok it as are 2 of the 4 or 5 beneficiaries. The hold up is that the trustee will not ok the shortsale without hearing from all the beneficiaries even though the note has gone unpaid for over 8 years. I'm so annoyed that I'm wondering if it's possible to take the deed from the owners sub2 and just rent it out anyway, counting on the trustees/beneficiaries continued negligence. The tax liens were bought and are due to be redeemed in Feb '05? Is it worth the risk to be a squatter landlord or could they foreclose against me even though the note will still be in the seller's name? And could I buy out the tax liens in 2/05 and get the property for a pittance?
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On 2004-11-30 19:53, Dorykanini wrote: "..... The tax liens were bought and are due to be redeemed in Feb '05? Is it worth the risk to be a squatter landlord or could they foreclose against me even though the note will still be in the seller's name? And could I buy out the tax liens in 2/05 and get the property for a pittance?
I would imagine it would depend on whether the tax lien owner would want to sell .....'for a pittance.'