Deed or not 2 Deed in Foreclosure?
Hello I'm a first time poster and a new creative investor in the real estate game. Great site. Look forward to learning alot. My first question of the year is...
In a foreclosure situation, can an owner
1. deed me his property?
2. get a reinstatement letter(I pay deliquent amount)
3.Give him U-haul money?
4.I own the property?
Is this an illegal way to handle a foreclosure? And does the loan stay in place when you deed over a property? If this is legal, are there disadvantages to this method and what's another way to justify a large u-haul, appliance, trash removal fee to owner?
And what charges come with someone deeding you their property? ie(closing, higher taxes, reassessment of property etc.? Does the original loan stay in place when you deed over a property to someone?
Just trying to get creative over here, hope my questions make since.
Rhonda 
Rhonda-
The type of deal you are talking about is known as a "subject to" deal. That is where you take ownership of a house while the prior loan remains in place.
The risks with this type of deal are that the lender may find out that ownership of the property has transferred and call the loan due pursuant to the "Due on Sale" clause in the mortgage; or that a few years down the road the seller may "forget" they were told that the laon would remain in their name. John $CASH$ Locke does these types of deals and has an article on themhere