Just A Thought
I have been reading through allot of posts trying to educate myself as much as possible. I had a thought and I haven't seen this in any other posts so here goes.
Lets say that I find a property in foreclosure. The home owner just wants out of the property for whatever reason. They don't want any of the equity in the property. If I can get them to sign a quit claim or a warrenty deed and I get title insurance so their other creditors don't put another lien on the property. Lets also say there is enough equity to make a good profit 10k+. Now that I have intrest in the property I can sell it right? So I sell it before the auction date, pay the original loan and walk away with the quity right? How would this work?
To sum it up I get a quit claim on a property that is in foreclosure. I do not make the loan current. I sell it and get the equity.
Can I do this? What kind of problems do you guys forsee? Is this legal? Do I have to make the loan current to do this? If I do not sell the property before the auction date would this go on my credit? I don't think it would go on my credit because my name is not on the loan.
Anyway thanks in advace for the answers.
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