Foreclosure L/O
FLORIDA LAW QUESTION:
Dr. Locke, are you out there?!
I know this question had come up, but I can't find the response to it.
Can I have the owner of a home quit-claim it to me if I make up the back payments, and then lease/option it back to them?
I'm sure it can be done, but if they default and we go to court, could I get away with an eviction? I was thinking that a foreclosure may be in order because they, obviously, can prove that they have some equitable interest in the home. (Name on the note).
Thank you, sir. Your knowledge is highly respected and appreciated.
Also, I would like to discuss a venture that I have planned within the next year with you. When you have a chance, please E-mail me at the office address listed on my website.
Thanks again,
Nick Favazzo
AcquisitionCorp,
Glad to meet you.
First we never use a Quit-Claim when taking a property Subject To, use a Warranty Deed or other state specific device to have the seller transfer the property to you.
I never let the seller remain in the property, give them U-Haul money to move out, you will find out the hard way if you let them stay, no matter what story they tell you.
If a buyer has an equitable interest in the property albeit with an Option and you do not understand how to get them out without going to court then you in all likelyhood will have to do a judicial foreclosure.
John $Cash$ Lockie
Oh, just one more thing...I know that a lot of lenders cringe when property is transferred to a Corporation. If the property is warranty deeded to the Corporation on a subject-to basis, have you ever found the lender to actually accelerate the note if payments are recieved promptly?