What will happen here? - Posted by Harry Williams


#1

Posted by Bill Mooney on January 17, 1999 at 23:04:21:

I think you are without a paddle. Check with your states statutes if there are any redemption rights.

Be careful recording the deed. Be sure you know what you are getting into before you record in the future.

Bill Mooney


#2

What will happen here? - Posted by Harry Williams

Posted by Harry Williams on January 17, 1999 at 19:19:42:

I have a pre-foreclosure deal I am working on, where the owners signed over a warranty deed as well as quit claim deed and power of attorney. Property was due to go to the sale within a couple of days. I got the attorney to order reinstatement figures, which unfortunately would take 48 hours, it did not come back in time. I also faxed a copy of my deed to the attorney and asked for a 30 day extension of the sale. They said either they or the bank would get back to me, if they decided to do that. This is deed of trust state by the way, in Maryland. So, I recorded the deed. The foreclosure took place, I assume the bank bought the property back, but I haven’t confirmed that yet.

The court ratification normally takes 2-3 few weeks. Do I have any leverage here? What should be the process from here if so? Or am I just out of this deal?

Any ideas and tips would be greatly appreciated.

Thanks.


#3

Re: What will happen here? - Posted by Irwin

Posted by Irwin on January 18, 1999 at 06:32:17:

You mean you bought a pre-foreclosure without knowing anything about how foreclosure works in your state??? That’s a no no. I hope you didn’t pay more than $1.00 for the deeds. (And why a Warranty AND a Quitclaim deed?)I suggest an immediate meeting with a foreclosure lawyer to find out what, if any, rights you now have in this property.