Quick Claim Deeding Yourself On A Property?
i conduct business in new mexico and am interested in subject to.. scenarios...is this the same as a quick claim deed?? I'm wondering if i can quick claim deed myself onto a property in the preforeclosure state and then refinance using equity to pay closing costs and/or pull cash out??...with the owners concent of course...perhaps providing he/she w/ a cash settlement for equity..
If I understand you correctly you want to approach a homeowner in preforeclosure, take the property subject to the existing mortgages and liens, and then pay off the existing mortgage or liens with cash or via refinance.
You can certainly do this provided you are not breaking any state specific laws regarding approaching people in foreclosure. I'm not sure if any other states besides California has any strange laws.
Thanks. I was just not sure if you could get the title on a subject to and then go ahead and refinance the property. How would that work? There are no state specific laws with regard to approaching a person in pre-foreclosure and we have worked succesfully on 2 pre-foreclosures. The last one we had trouble on due to a IRS lien being place during the last month before we bought. I understand we could have gained control of the property via a "subject to" and since the property would be in our name the IRS would not have been able to place a lien on the property under the previous owners name. The question would be - would we then be able to refinance the house under our name?