Finance Co. holds First??? - Posted by Ray (Fl)
Posted by Ray (Fl) on June 16, 1999 at 20:48:08:
I have a situation that I have run into and need a little help. I have put an offer in on a property that has not been accepted yet but we have been back and forth w/ price. I called the realtor yesterday to find out the latest numbers only to find out that there were liens on the proerty. The property was being marketed as a foreclosure. Come to find out the owner is still living in the property. The owner and the finance co. have an aggreement that if it sells then the owner will just move out ( and I’m sure it will be in great shape). Here are the numbers.
It is obvious that this property has never been to the courthouse steps. IS is possible to buy the first for around 10-15k then foreclose on the 42.9k first? Would that wipe off the Liens? then I could own this house for the purchase cost and foreclosure costs? Am I missing something or is this doable?
Thank you for you help in advance!