Posted by Dave T on May 06, 1999 at 23:36:33:
I am led to believe that lender’s will only accept a deed in lieu of foreclosure if the note is current.
Can anyone corroborate?
I figured out what to to with Land Trust deal - Posted by Kevin(OK)
Posted by Kevin(OK) on May 06, 1999 at 09:02:56:
The owner is behind 4 payments now, totaling $1600 and the mort. co. has added $400 in legal fees. So, here is my plan: get the owner to sign L/T, deed, and mort. info. req. form. I will tell him that I am going to try and sell the home owner financed to a person who has at least enough to cover the $2000 owed (L/O), when that happens I will record the deed. If I am not able to sell it within 3 weeks, I will tear up the paperwork and he can give a deed in leau to the mort. co. (this is the other option that the owner is considering).
It is still a thin deal (around $5000 when all is said and done), but this will virtually eliminate my risk.
Any thoughts?
Kevin(OK)