Posted by JohnBoy on April 25, 1999 at 14:04:16:
You can have the husband “quit Claim” his interests over to the wife. Then have the wife record the “quit claim deed”. The husbands name is off the deed but will remain on the mortgage. Now you just deal with the wife.
If the wife is willing to just sign over the property you could try to get a substancial discount from the bank by offering to buy the mortgage. Since the mortgage is in foreclosure the bank will usually discount the note just to get rid of it saving them from going through the foreclosure process.
You might be able to pick this property up for under $40k by buying the paper from the bank before you take title from the seller. Buy the paper first, then have the seller sign over her interests in lieu of you foreclosing on her.
If the bank says they would be interested in selling you the paper, then tell them you will buy it if they finance it for you. You never know, sometimes they will and sometimes they won’t. But it never hurts to ask.