Short Sale Problem -Need Legal Advice
Hello All,
Heres the deal:
I have a situation where a friend of mine is in foreclosure. At the same time he is going through a divorce and has since moved out of the property. He is the only one on title to the property and is the only one on the mortgage. Another issue is that the wife is still living there and has placed an order of protection against him, and I also do believe that the husband may either be in jail or in rehab. Now.. The bank has agreed to do a short sale on the property but will not go any further until they can get their appraiser into the property. I and my associates have contacted the wife to see if she would let the appraiser in but she refuses and insists that the property is not in foreclosure. My question is this..what can I do to get in this property? I need to get in there like yesterday. I have the buyer lined up and ready to go and I am 99% sure the bank is going to go for it. Can he give me power of attorney over the property to get the short completed and so on? Can he quit claim his interest in the property to me? What would be the best thing to do here? I want to get this deal done before this thing goes to auction cause if it does I miss out on 30K. Oh and at this point I dont think it makes a difference but to mention when the house was purchased the wife put down $40K cash. I have contacted our attorney but he has not gotten back to me yet so I came here for an answer if possible. I am not one to procrastinate and if I cant get an answer right then I seek elsewhere. This property is located in Chicago Illinois. Thanks to all who can shed some light here as I have done plenty of deals but this one here is hairy considering the wife.
Sincerely,
Benny
Have you run a title search and seen what are the conditions? In FL, the spouse has equitable interest in the homestead property, even if they are not on title. I do not know about IL. Also, conditions of the divorace might be that he deed her the house. So before you try to get inside the house, you need to find out if the wife has an equitable interest in the property based on IL law and on the terms of the divorace.
I do the same as Lease. As for when they move out will have to say you pay for a month you should stay for the month. I am not throwing you out so a full month is what you owe. My 2-cents
J
prorate
Prorate ,but do as LOK suggests in the second month.
Jim
I just make the rent due on the date they moved in. Why is everyone so hung up on getting paid on the first?
Chris
My mortgage payments are due on the 1st, which means I mail out the checks a week earlier so as not to be late. Even with automatic payments, mail comes in around 2:00 and then I have to get to the bank before it closes, only to find out that the payment was withdrawn when the bank opened. Plus often as not the rent is a little late anyway, and the checks sometimes bounce. So for me it is better to get the rent in the middle of the month so I know the money is there when the payment is due. Plus it gives me time to collect before the mortgage is due, and deposit the check at my convenience.
To each their own, I guess.
Chris
1st of the month keeps my accountant happy and, among other things, saves carrying over from tax year to tax year.
But as Chris says, " To each his own."
"Whatever Works For You Jim"