Help! with foreclosure - Posted by louise


#1

Posted by mike on March 06, 1999 at 19:37:27:

buy a quit claim from the occupant, maybe? ask your own attorney. dont trust anyone you dont know…


#2

Help! with foreclosure - Posted by louise

Posted by louise on March 06, 1999 at 18:24:42:

The owner did a lease option with an individual. The payments got behind, and she filed an eviction. He contacted a lawyer and she was forced to do a foreclosure. The owner is very motivated,the numbers are better than right. The only thing is her Attorney says it will take 4 to 5 months to get the foreclosure process over
Nothing was every recorded and everything is still in her name. The tenant has vacated the property and all his things are gone. What can I do to purchase this property quickly, I already have a buyer.


#3

Re: Help! with foreclosure - Posted by Irwin

Posted by Irwin on March 07, 1999 at 04:42:26:

You are in a very complicated legal situation. I think I know what happened. The small claims court judge saw an option to purchase the propeerty and thought this created an interest in land. Thus he thought he had no jurisdiction and that a foreclosure might be necessary. But, Joe’s right. If the tenant has moved, he’s not going to get a lawyer and contest the lawsuit. Ask the lawyer who’s handling it if he can simply amend the suit to seek an order cancelling the lease, granting the owner immediate possession, and quieting title against the former tenant. If tenant doesn’t defend (and how can he defend, if he’s gone and gets notified by publication) judgment will be entered by default. Depending on whether or not the tenant has already been served with summons in the suit, it shouldn’t take more than 30-45 days to get that done.
As I said, this is a fairly esoteric area of law, so be sure that the lawyer handling it knows what s/he’s doing. You have to be careful that the “foreclosure process” that is followed doesn’t end up with an order to sell the property, or you might lose it that way.


#4

Here’s what I’d do . . . - Posted by JoeKaiser

Posted by JoeKaiser on March 06, 1999 at 21:21:29:

I’d get a purchase agreement signed off with the seller and ask for (1) immediate possession, subject to the interests of the current tenant, and (2) an assignment of the lease giving me the right to collect any unpaid and future unpaid rents.

Then, I’d immediately change the locks on the place and post a notice on the window stating, “NO TRESPASSING! For information about this property, contact MY NEW CORP @ xxx-xxxx.”

And then I’d wait for the call.

If he does call, I’m telling him I’m the new owner and ask him for his new address because I’m suing him for his delinquent payments, plus my costs and fees in any legal action.

As to the foreclosure/eviction, if there’s really nothing recorded, it may not be the big problem you imagine. The foreclosure is likely to allow you to eject the tenant since the eviction was said to be insufficient, but if he’s already gone, well . . . so is the problem I’d venture.

Joe