60k Deal But Is It Probate, Foreclosure,or ?

180k FMV
80k 1st
40k 2nd

Heres the story:

The owner recently ****Must Reach Freshman Investor status before posting URL's***he heirs have no interest in the property. The second Mortgage is a pirvate individual and is foreclosing to protect his interest, but will sell his position for what he ****Must Reach Freshman Investor status before posting URL's***he first has been contacted, and the house could be taken sub2 the 1st.

My question is , how to obtain a clear title?If I buy the second out, do I have to foreclose and go to the steps to clear the title, or would I have to go through a probate process? Or ?????

Thanks for any input

Comments(5)

  • Wheelin25th November, 2003

    I must have misplaced my periods or ? to trigger the url warning

    Again,

    The owner recently died, and the heirs have no interest in the property. The second Mortgage is a pirvate individual and is foreclosing to protect his interest, but will sell his position for what he owes. The first has been contacted, and the house could be taken sub2 the 1st.

    My question is , how to obtain a clear title?If I buy the second out, do I have to foreclose and go to the steps to clear the title, or would I have to go through a probate process? Or ?????

    Thanks for any input

  • zakinvegas20th January, 2004

    Once you have the second you can assume the other mortgages without quaiifying because you hold the junior mortgage..

  • myfrogger20th January, 2004

    I have never heard the statement that once you are a junior mortgage holder banks will allow you to assume a loan without qualifying.

    Is this an assumption or sub2? Please explain...

  • myfrogger20th January, 2004

    Bump...

  • davehays20th January, 2004

    what the he11 does bump mean?

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