Posted by shelly on January 25, 2006 at 07:23:41:
good idea,ill try that,what do i do if she doesnt take the money and it gets closer to the auction?i even thaught about deeding her a quit claim then filing a different memo at the courts.do you think that will work at this time?i did send her a copy of the letter i got about the auction,thaught it might help my case.???
tax auction taking property - Posted by shelly
Posted by shelly on January 24, 2006 at 12:29:34:
help,i lent money against a property,i filed a quit claim until the borrower could repay me at which time i was to give the property back.I got one payment out of 4.I got a letter for back taxes and a foreclosure happening 15 days from now.any ideas on how i should handle this???my names on the line and so is my lent money.
Re: tax auction taking property - Posted by michaela-ATL
Posted by michaela-ATL on January 24, 2006 at 14:02:18:
Shelly,
Normally, if you loan money against a property you would file a ‘Security deed’. If the owner signed a Quitclaim deed, then they actually transfered teh property over to you and you’re the owner now.
Maybe you both just made a mistake and it should have been a security deed? Basically, you can pay the back taxes and are now the owner of the property. BUT be aware, that the seller/owner might suddenly turn against you and claim in court, that you misled her/him and that you were only giving a loan and had her sign the property over to you and she didn’t know, because she trusted you etc.
Michaela
Re: tax auction taking property - Posted by shelly
Posted by shelly on January 24, 2006 at 14:14:36:
i was thinking just that,mistake,filing something else,court,claims…big mistake,big mistake…thanks
Re: tax auction taking property - Posted by michaela-ATL
Posted by michaela-ATL on January 24, 2006 at 14:26:11:
Shelly,
you can save that deal. Why not wait until close to auction and see whether ‘owner’ paid taxes. If not,
go ahead and offer her/him $ 1000 or whatever you feel appropriate to officially own the house. If owner hasn’t paid by then he/she knows that they’re losing the house and might be happy to just get something instead of nothing. You can then pay taxes and own the houses.
Is there a mortgage on the property? If so, you will have to deal with that also.
Michaela