Please Help!!!! Stuck between a rock and a hard place!!
I have recently come across a really great deal(Probably once in a life time). Foreclosure Elderly widower who's in a nursing home, $12300 owes on mortgage, house appraised at 122000,auction is 2/4. I finally found attorney and mortgagor.
Long time friend of elderly mans family tipped me off. Is there anything I can do before it goes to courthouse????
Approach the owner of the property first. Try and get in before the bank repossesses the place.
Do a search on this site. You will find more detail there.
Keep us informed on your progress.
talk with the owners, if they're not willing to work with you, no deal
If the home owner will work with you, get them to sign an agreement to sell you the property. This wioll protect you so you can move foreward then have her sign a permission slip authorizing you to contact her bank to get re-instatement and payoff figures. You will need her SS number. You can stop the foreclosure by taking the re-instatement amount to the attorney's office handling the foreclosure. Once the foreclosure is stopped, you will need an attorney to transfer title and prepare HUD statement in order to take legal title. At this point you will own the property but the mortgage will still be in her name. You will continue to make the mortgage payments until you re-finance the property yourself. make sure to get insurance on the property in your name. If there are leins on the property, the best time to negotiate them is before the foreclosure however I have been able to negotiate them after as well.
I've done this type of purchase twice in the last 3 months. It's called purchasing subject to.
Good Luck
Dan
Oncloud9:
Slow your Horses Mi'Amigo!
There's some serious work you have to do b4 plowing throught his deal:
Is there an executor or Personal Representative for this Elderly person.
Is he of 'sound mind'?
-I lost a purchase deal back in Chicago in 1994
I had already paid up the arrears and just had placed the home into a Land Trust ($485K Value only $160K pay off)
when the children of the seller crawled 'outta da woodwerks' and Cried FOUL!!!
They had a (back-dated) Dr.'s diagnosis claiming 'pre-mature Dementia' rendering my POA useless and the Trust revoked!
MORAL: Even if your ducks are in a row BE PREPARED have your Attorney to review all paperwork to insure that you have clearance for this deal!
I hope this helps! And Best of the Best to you!
DERRICK ALI
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Way to go DERRICK ALI (just the fact's)
oncloud9 I agree with Derrick,
You will need to speak with the one who has POA (keep in mind that the POA normally expires upon death), is there a beneficiary deed filed? So many question.
Contact the nursing care facility and find out who handles this customer's affairs.
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