You Record Deed And Try To Quick Turn But It Dosnt Sell.
I have heard Jeff Kallers quick turn method and find it quite intersting. he says when dealing with a pre foreclosure he will go out there get the Deed or Trust signed over and he records it. he agrees with the sellers that he will try to find a buyer or a lease option purchaser with enough cash to make up the back payments and continue making payments, and only then will he pay the sellers and bring the loan current. he obviously has them sign a disclosure that states NO PROMISES. now he said when he started out there was alot of deals that didnt sell and "deeds that hit record" meaning he was on title and the property went to foreclosure. he says he never had a problem with any banks or any one coming after him. so would there be any recourse from the bank if you are on title and they are foreclosing, even if you state all this upfront and the seller signs the disclosures willingly. and dont get this confused with selling on a lease option and not making the payments. that is not what im talking about. basically just a quick turn where its subject to you selling the house. any informative comments would be helpful. thanks
[ Edited by ZinOrganization on Date 12/04/2004 ][ Edited by ZinOrganization on Date 12/04/2004 ]
If you are only the trustee why would they come after you?
I don't think Jeff is using a Trust for these, but anyway, if the loan is in the Seller's name, they can only go after the Seller (and the property securing the loan, of course).
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BTW, that doesn't mean that your moral obligation won't become a legal one (with the Seller) should you end up in court.
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