Can Deal Be Done With Out Owners?
Well I found this house close to a month ago, its in default and should be going to auction in a matter of weeks. I've tryed sending letters and calling the owners, and talking to the neihbors but to no avail. I was just wondering if there is any way to work out a deal with out the owners there, possibly with the lender dirrectly. It doesnt really sound like its possible, but I would like others insite on it.
Thanks a lot
James
There is a way but very risky. Can could just pay the money to bring the loan current and then just take over the property without a deed or any ownership rights. i did this once and made some money but eventually the owners work up from the dead and took back the property. I was going for adverse possession but lost. I only spent a few grand getting in and made that back avter about 4 months. Like i said very risky. I would not do it again. Today too it is next to impossible to even get the numbers to reinstate without owners info and permission. Only option is to buy for cash at foreclosure sale
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
Jimbezy,
Did you try repeatedly knocking on their door. It might not help, but if they open the door, you might have about 3 seconds to speak your peace. It's worth a try. Good luck!
Lets look at this in a different light. There are so many deals out there, I do not understand why anyone would want to try to create something out of nothing. If the owner will not play, why bother. The lender will not talk until you have a Release Form, from the owner, in there system.
If the owner will not answer the phone, open their mail or answer the door, I guess they just don't want to deal with the problem. Maybe thats why they are in the problem they are in.
Go find a MOTIVATED seller and work with them.
Best of luck!
If your due diligence suggests/confirms no other liens... you might consider purchasing the mortgage via an assignment. You do not need Homeowners' consent to do that.
Thanks for the info, and how would I go aobut doing an assignment?
NEXT!
Pass on that one. This is the situation on 80% or more of the doors you knock on. If you are dwelling on this one, you are not knocking on enough doors. Especially in Bakersfield, I know there are at least 30 a day in the situation you described...probably 50-100 per day.
The techniques listed by previous posts work, but it sounds like you need to get a few deals with cooperating sellers, under your belt. If I have mis charaterized your experience, they are suggesting that you buy the note and forclose yourself.
[addsig]
Yea thats what I thought, but me not having much money cannot afford to purchess the note. And in Bakersfield their is plenty of deals, Im just trying to get my feet wet. But at times Im a lil confused as to how to go about closing the deal once I get one. I mean I know you can do it subject to, flip it, or buy it outright, but I really dont know the particulars in how to do any of them. Thats why I just figure go out and do it is the best way for me to learn.
In regards to purchasing the note, how can that be done? I've tried to do this before by contacting the mortgage company regarding the property, but they would not discuss the property with me. They either wanted documents signed by the Owner or just told me to wait for the auction.
So, is there any way to purchase the note?
No, the department you called won't discuss the property, or the mortgage loan with you without express written permission by the mortgagor.
You can't call the collections, foreclosure, or loss mitigation
departments... your inquiry has nothing to do with the servicing of the loan.
You must first call the customer service department, and work it until you reach the applicable office...
You must keep repeating that you are an investor who buys non perfoming mortgages. Eventually, you'll be directed to the appropriate office. Just keep asking to whose attention you can submit your offer to purchase a non-performing mortgage.