Posted by mortgageinsider on January 14, 2004 at 01:39:11:
First things first. Run comps …know your value…second, get title company to fax you an O&E to see if there are in 50K tax liens on the property you are not aware of. Third, you say you can’t get the 2 of the owners ‘together’ well…don’t get them together…get mortgage information release disclosure, get a contract, a warranty deed and power of attorney and go visit them seperately…you just need 4 notarized signatures from each and your are in. You’ll never need to talk with them again…without the owner’s authorization the lender can’t really ever talk to you…they might, but they are not supposed too. Plus have you looked into the cost for the foreclosure? The redemption time periods in your state? Your much better off dealing with them…let’s face it investing is all about doing what the other guy won’t…in this case the other guy won’t find a way to get these signatures…get them and declare victory! You can do it. Remind each of them separately that this property is the only thing left for the dispose of and they can get on with ther separate lives without a foreclosure following them around for years as a constant reminder of the divorce and each other…You can do this! Good Luck