I Need a Title - Posted by Mary

Real Estate Investing
1

Posted by Mary on June 03, 2005 at 18:49:56:

I have a quitclaim deed, which means I own their interest in the property which includes the $115k owed on it. They can’t transfer the loan.

2

I Need a Title - Posted by Mary

Posted by Mary on June 01, 2005 at 16:18:35:

I need the title of the guy at the bank who can make decisions regarding a mortgage loan that could go into foreclosure (unless I save it of course)

Any help?

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loss mitigation -nt - Posted by Natalie-VA

Posted by Natalie-VA on June 02, 2005 at 07:43:28:

nt

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Re: I Need a Title - Posted by Mark

Posted by Mark on June 01, 2005 at 21:42:18:

I’m pretty much a newbie and could answer that question, from what people have preached to me, if you need to ask a question like this, then your likely not ready. Forclosures are a pretty big deal it sounds, and only recommended for experienced investors.

That said, why not just call the bank and ask for “the guy who can make decisions regarding a mortgage that could go into forclosure”?

Be prepared to have the home owners whos name are on the title to fax a document to the bank giving you permission to get info on thier mortgage.

Best of luck!

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Re: loss mitigation -nt - Posted by Mary

Posted by Mary on June 03, 2005 at 17:49:12:

I was given a quitclaim deed and took over the payments on a house. I have 90 days to close but had hoped to sell it before I had to close. I also hoped to get hold of someone at National City Mortgage who could make an exception to their “close relative” only assumptions. I tried, “the mortgage holder is discussing bankruptcy and may put the house in” which means forclosure for National City.

I did get some advice like: “Record the quitclaim deed at the courthouse and talk to the mortgage holder’s attorney and ask him to keep the house out.” Never did get to the person who could make an exception and let me assume it. They said, “the investors make those rules.”

Oh, well, I may have to actually close on it before I sell it. I am working on selling my interest in the contract.

Thanks for your responses.

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you have the deed? - Posted by Natalie-VA

Posted by Natalie-VA on June 03, 2005 at 17:59:15:

If you already have the deed, don’t you own it?

I’m not sure what you mean by still needing to close on it.