She's In The Jailhouse Now..
Hi, I'm a new TCI member. Hopefully someone can point me in the direction I need to go with this one...
I've learned thru neighborhood gossip that a homeowner in my area was taken to jail(fraud??). I've requested an information binder from my local title insurance company that show the house is still in her name and the mortgage amount. My question is: How do I go about buying this house? Or at least inquiring on the status of it-to see if it is even for sale?
Thanks for your help.
[addsig]
sounds like you'll have to visit the pokey to get the deed signed by the owner.
YOu need more information. First who is the main breadwinner in this house? Second, does it have an existing mortage and or liens against it? (this can be verified by a trip to the courthouse). Is she gone for a week? a month? a year? what?
Gossip could work for you if you ask her neighbors. I suppose you could a. write here a letter offering a quick close on the property.
b. visit during visiting hours (she mightnot want to waster her time with you until she knows what you want. Some jails have limited hours and lists of allowed visitors.
If there is someone in the house still contact them and see what you can learn. Try and appear sincere in a desire to help and not like a vulture.
[addsig]
Thanks for your responses. I loved the part about the "pokey"...
The house is empty. It was only her and a child(sad). The information binder only shows the current mortgage and no other leins. She bought it Jan of this year and put a significant downpayment.
Is it technically hers to sell or, for crimes such as fraud, does the gov't assume her assets to pay her debts?
Giffinka,
Glad to meet you.
Since I own a Bail Bond Company I can tell you your local Bailbonds(man) person may be able to help you. They can find out what she is in for and what the bond amount is for her release.
You may want to step in as the person who helps her with a 'get out of jail' card. Nomally what happens there is a monetary amount along with collateral for the bond. Sometimes the collateral is the property the person owns. So if you find out this information you might be able to pick up a good deal.
I have had hundreds of houses that I liened as collateral for bonds, so now and then I picked up some pretty good deals. The last house I picked up a little while ago had $125K in equity.
Talk about creative real estate investing, just one more way to find houses become a Bailbond person. Maybe I should author a book on how it is done or is there one out there?
Welcome on board this board, try it the way I described you may get lucky or smart.
John $Cash$ Locke