Re: Subject To Procedure (Help)!!! - Posted by Terry (Houston)
Posted by Terry (Houston) on February 22, 2001 at 14:19:30:
‘Also of course I will have the sellers place the house into a Land Trust and assign me that beneficial interest, but do I do this now while it’s currently in foreclosure or is this done after I make up those back payments?’
Do it when you sign the paperwork. Go ahead and get it done now.
‘How do I get the house out of foreclosure? Do I just send my check with the past 4 payment coupons, or do I go into the bank and make the payments or what?’
Get an authorization to release information and a Power of Attorney. Tell the bank you are acting as a trustee for the estate and would like to see about making payment araingements. See if they can put the payments at the end of the loan (recast is what it is called I think)and make all payments going forward. See if they can help you out as you help this poor family that has gone through difficult times and can make the payments going forward but would not be able to make them ALL up in one shot. I have been successful with the last three houses I bought spreading the back payments out over time. One would not budge.
‘I don’t have the cash to bring the payments current today, but it won’t be long before I get a buyer whom I will offer owner financing to and get a nice down payment from to make these back payments.’
If they are 4 payments behind it is not like you have a lot of time to do this. Remember you are working with someone elses credit here and it could go into foreclosure. What is the exit strategy if you do not find someone right away?
Invest in a good course on subject to like Bronchicks.