Re: It this possible? - Posted by B.L.Renfrow
Posted by B.L.Renfrow on April 09, 2000 at 09:59:48:
If the foreclosure sale has not yet taken place, the current owner is the one your coworker would have to deal with; this could not be accomplished “unknown to the current owner.” It would be necessary to get an authorization to release information from the seller in order to know the numbers involved.
Why would she want to remain anonymous to the seller anyway? The only way I can think of to do that would be if the corp is more than one member, another officer would have to execute the documents.
It is not only possible to purchase subject-to, it is usually the preferred method. She would be entitled to the tax/interest deductions because she or her corp or the land trust which she controls would be the owner, regardless of the fact that the mortgage loan would remain in the seller’s name. Of course, the buyer would have to come up with the cash to cure the default. And title would have to be checked for other liens.
The deed you refer to is “quit claim,” not “quick.” The lender might or might not care. There are ways outlined in detail in the archives of avoiding the DOS in such a situation.
Finally, lease option would not be a great idea in a pre-foreclosure. The object is to get the deed and get the financially-distressed seller out of the picture.