Posted on: 14th May, 2009 08:16 pm
My wife and I have been leasing for over a year and the owner of the home has advised us that he has filed for and recieved acceptance for a "Deed in lieu" of foreclosure and that we have thirty days to vacate...after the thirty days he does not know what will happen. What can we do, we have paid faithfully on time and want to purchase this wonderful home, the owner WILL NOT, WILL NOT, tell us who holds the loan ! We wanted to express an intrest to his loan holder for the house.
Thank you,
Desperate in Arizona
Thank you,
Desperate in Arizona
Hi Arizona Family,
You should try and convince the owner that a deed in lieu is not going to help him in any way. It will ruin his credit and spoil his chances of getting a new loan. Instead, if he sells it to you and pays off the debt with sale proceeds he can save his credit. You can also visit the Registry of Deeds office with particulars of the property like address, name of owner etc and try to find out, from their records, the name of the lender who holds the morgage lien on the property. Once you know that, you can approach the lender directly and express your intention of buying the house to them.
You should try and convince the owner that a deed in lieu is not going to help him in any way. It will ruin his credit and spoil his chances of getting a new loan. Instead, if he sells it to you and pays off the debt with sale proceeds he can save his credit. You can also visit the Registry of Deeds office with particulars of the property like address, name of owner etc and try to find out, from their records, the name of the lender who holds the morgage lien on the property. Once you know that, you can approach the lender directly and express your intention of buying the house to them.
i think its better to buy the property with the convincing the owner.
As you should check documentory part before going for deal.............
As you should check documentory part before going for deal.............