Co-Borrower On Foreclosure ??
I am working on two pre foreclosure / short sales and both of them have a co-borrower that is very difficult to locate. One of them is a missing ex-wife and the other is a missing business partner who is also on the loan.
Is OK just to get one signature on the Purchase Sale Agreement for the sake of initial negotiations with the bank?
What actions / process needs to happen before I can close on the property (regarding getting the other signatures......QC Deed?? etc.)?
Thanks,
TAB
Hi Tab,
In some situations (depending on the lender) they will move forward with a Purchase agreement and ATR form signed by one of the parties. You will find the majority of lenders will want both parties to sign before they talk with you, but it is worth a try to get it started.
In the lender appears as if the short sale will be approved, you should immediately do a "Skip Trace" with a Private Investigator to locate the missing parties. The more information that you can give to them the better.
Best of Success!
BAMZ
good answer bamz
dwan
A good PI to use is David Bale - he works Nationwide with real estate investors to locate just the kind of people you want to find. His number is 313-581-5170. You can purchase a skip-trace or join his membership for big discounts if locating people is something you find habit forming. Mention Sharon & Dwan sent you so you get a better price. Good luck, Sharon