Posted by sean on April 03, 2002 at 24:50:04:
I have a home owner in bad dept. 3 months behind on payments and owes about 3 grand in taxes.
Also the house is in pretty bad shape.
Appox. Value on rehab. 70,000
Total mortgage 53,xxx
back taxes 4,xxx
Aprox. cost on rehab 6,000
What I want to know is:
can I have her deed me the house while she holds her mortgage
Refi. the house for 65,000 after reciving the deed and pay off her mortgage and taxes
This should open me up to rehab and L/O
Is this legal and more importantly, do you think it’ll work???