Title Seasoning Issue for Rehaber's. - Posted by Mark-NC

Real Estate Investing
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Re: Title Seasoning Issue for Rehaber’s. - Posted by Mark-NC

Posted by Mark-NC on December 06, 2000 at 13:40:12:

Bo,
Like I said I don’t know the specifics but as long as there was really work done on the property and it wasn’t paid wouldn’t it be considered a real lien?

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response to houserookie - Posted by will

Posted by will on December 06, 2000 at 14:55:27:

the bank might not find out in a few months .if they do , they might threaten with calling the loan due .
tell them to study the st germain act about land trusts and take a hike .
worst case scenario : they call the loan due . if you haven’t found a buyer by then , you probably have a bad deal to start with .

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Re: Title Seasoning Issue for Rehaber’s. - Posted by JPiper

Posted by JPiper on December 07, 2000 at 09:07:25:

First, let me correct one of your statements. You don?t negotiate a deed in lieu of foreclosure with the foreclosing lender. The lender has no right to deed the property?.they aren?t the owner.

You could record a lien (which is now a second), and then negotiate a deed in lieu of foreclosure with the OWNER. But when you receive the deed in comes subject to the first mortgage. A deed in lieu of foreclosure does not wipe out a superior mortgage.

JPiper

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You become responsible for the 1st… - Posted by SCook85

Posted by SCook85 on December 07, 2000 at 08:12:41:

You become responsible for the 1st if you take a deed in lieu of foreclosure from the second lien position. It doesn’t just go away. Who would pay you?

Steve

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Re: response to Wil - Posted by Houserookie

Posted by Houserookie on December 06, 2000 at 15:04:46:

seller still retains title to home. I don’t think
lenders will be the problem here.

I’m just wondering if land trust can be used to control properties in the 1-5 month period.

Have you had any experience?

thanks

HOuserookie

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Re: Title Seasoning Issue for Rehaber’s. - Posted by Ben (OH)

Posted by Ben (OH) on December 08, 2000 at 04:36:11:

Sure you do. If in a foreclosure the owner offers the deed back to the bank and the bank accepts, it is a deed in lieu.

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Re: You become responsible for the 1st… - Posted by Ben (OH_

Posted by Ben (OH_ on December 08, 2000 at 04:37:46:

See the reply post to JPiper

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Re: response to hrookie - Posted by will

Posted by will on December 06, 2000 at 23:18:38:

yes . the hardest part is to educate the seller . then when he figures out how much you’re making , his greedglands swallow .