Restraining Order Hindering Quit Claim
The deal I am working on involves a man and his ex girlfriend's names on the deed. They have mutual restraining orders from a domestic dispute. She moved out and stopped paying her portion. The man can't afford the payment and is 3 months behind. He wants out but we are trying to figure the best way for us to get her to quit claim the property to him so that we can take it sub 2. She is supposedly crazy and we figure that she will bend over backwards to see him foreclose just for spite. We have concocted a few plans but were interested in hearing what some of you folks had to say. Thanks for your time!!!!!
If they are both on the deed, what is preventing you from approaching the ex? She could quit claim to him, or you without him being present.
Is the girlfriend on the mortgage to? You may want to approach the girlfriend and explain how this is going to wreck her credit for the next 7 years if the foreclosure happens.
Explain to her that the Ex is already moving. You may want get the guy to sign his quick claim first and then HINT at the fact that the foreclosure won't hurt him anymore. (even though it will)
The thing that is preventing me from approaching the ex is that the guy we have been dealing with has made it abundantly clear that she is mentally unstable. Since she just moved out of their house then we would have had no means of even finding her aside from information that he provided. We are unsure if she will use the fact that he steered us toward her as leverage in her battle to sabotage him. Could she hypothetically claim that by us contacting her that he is harrassing her and thus claim violation of the initial terms of the restraining order? I don't want her to become hostile or end up taking me to court for some obscurity she concocts in her (assuming that my client is telling the truth) "twisted mind."
Don't let her know where you got the information. I would try placing a phone call to her and let her know that you came across the property when the Notice of Default was filed with the courts.
Explain to her what you do and how you are there to help her. If she won't find out why.
Lastly you may want to mention that the boyfriend has already taken steps to wash his hands of the situation and that you are trying to prevent her credit being ruined for the next 7 years.
If you haven't talked to her and are only getting the Boyfriends side of how "wacked" the Ex is you are doing yourself a disservice.
Call her!
Is this deal really worth it?
If in fact she is unstable she cant sign anything legal anyways. If she does and later on she or someone who becomes her trustee finds out they might want to take legal action against all parties.
Better off to move on this is another one that will just burn up your time and might come back at a latter date and do the ole bitecha
Well way the risks to the reward. Large amount of money, or possible crazy person trying to legally threaten you with no recourse?
I thank the rewards are great, just find her and pursue, if not, let me take the deal j/k
Find her and offer her a little $$$$ to sign.
I'm guessing you mean't crazy as in unreasonable rather than mentally incompetent as legally defined.
In this case I would play the ex gf against her ex bf---give her $250 or $500 and tell her that she has to promise not to tell her ex bf because you aren't giving him anything.
You have to figure out your sellers modivations. Obviously here she realizes she has no equity so her modivation simply is revenge. What can you do to make her feel that she got the better deal??
that is correct frogger...she is unreasonable as opposed to unstable...That was exactly what I was thinking...paying her doesnt affect me because either way without her cooperation it means no deal for me... any profit is still profit and this is figuring to be a 65k deal anyways...thanks for the input ...that was the confirmation that i needed!!!!
I like myfrogger's idea. However, I'd give it one shot and then I'm with kfspropertymanagement. Move on to the next deal.
[addsig]