Is This CORRECT, HELP!! How about you ED GARCIA - Posted by Steve

Posted by dewCO on August 12, 2001 at 11:53:53:

I’m not Ed, but you’re basically right. (It’s QUIT claim not quick claim, even though it is quick!)

What you are describing is a wrap. But you can’t leave it in the original owners name. Once you record the deed it’s in your name, or the trust’s name. You find a buyer at a new purchae price and higher interest rate maybe. If you can and it makes sense. Is there enough room for a buyer to pay a higher interest rate and still feel like they have a deal? If not you need to figure another way to do it–if there is money in this deal. Usually you want equity in this deal to start with—in other words the loan you are agreeing to take over and pay is much less than today’s market value.

And you need to be prepared to step in a make the payments if YOUR buyer starts to studder and not be able to make them regularly.

Is This CORRECT, HELP!! How about you ED GARCIA - Posted by Steve

Posted by Steve on August 11, 2001 at 23:09:22:

OK correct and input PLease. I may have used the wrong terminolgy or just blown this all together. OK ALL YOU EXPERIANCED INVESTERS LAY IT ON US AND THANKS

I am offered a house that is behind in payments. He just wants to walk away.

I check the price and there is about 10 K equity after catching the house up for 3 months behind.

I agree to have him quick claim the deed to me.

He does that and the Loan (Mortage stays in his name)

I buy the house subject to …After they move out

I establish a trust

Put the deed in the trust.

Record the deed at the court house???

Have him sign a power of attorney for me to do house business

Have him sign a letter to the Mortage company informing them the Trust will be making the payments and to sent all mail to me. (Anyone have a letter of that type)???

I go out and find a buyer for the house with a down payment , higher interest, and a new pay off.

If possible the best way is to leave it in the original owners name as long as possible but if not the new buyer agrees to a balloon payment or refinance after 3 years.