Questions About Buying Pre Foreclosures
My first question is when I have someone sign the deed over to me (warranty deed to trustee) do I need to do it in front of a notary public? Do I take it down to the courthouse for transfer or what?
Also, is there anything illeagal about me adding a seperate page to the contract saying in laymans terms "they need to get out before I will pay up any of the mortgage or take any further steps" (ofcourse it would be in a nicer way) I have never dealt with occupied foreclosures before so I want to make sure I do everything in order. Thank you
Thank you. I found someone to help me with it since the new law has already been put in place.
1) whose name is on the deed/title of the property
2) whose name is on the mortgage
3) did the divorace decree specify who would get ownership of the property
4) how much is the house worth, as it is today
5) how much do owed on the mortgage or any other lien against the property
6) is the exwife willing to work with her ex to solve the problem
You might very well be able to sell the house prior to foreclosure and maybe even make some money. Spend some time and look into it. You do not want a foreclosure on your credit if it was easily avoidable.
to the best of my knowledge ....
The bank can come after you for a deficiency judgment. It would be unsecured debt, more like a credit card. It would show up on your credit but they can not get your house. But in most cases they could not get you to pay the mortgage on your house, so they realize that the chances of you paying on unsecured debt is about 0 - so they do not usually pursue a deficiency judgement.
You might also get a 1099 tax form for the difference between what the bank is eventually able to recover from the house and what was owed.
Brenda
Should have worked out during the divorace that she had to refinance. So she is the only one on title (even if she is not offically on title, it sounds like the divorace decree gave her 100% equitable interest) and he is on the mortgage, he will suffer if she does not make the payments.
Brenda