Posted on: 22nd Mar, 2008 10:23 am
e by his lender. We agreed on a price, which was $5,000 less than he owed on the mortgage. He stopped making his mortgage payments back in Oct. 2007. He tried to negotiate a short sale but the lender has refused him and they have like I said now served him with foreclosure proceedings.
I am very interested in purchasing the property and may even consider coming up with the extra $5000 but I do not want to have to also pay back taxes and any other past due bills to get a clean title.
What woul be the best way to try and deal with this lender?
I am very interested in purchasing the property and may even consider coming up with the extra $5000 but I do not want to have to also pay back taxes and any other past due bills to get a clean title.
What woul be the best way to try and deal with this lender?
Hi Boseq,
Welcome to forums.
As much as I know, you don't have to pay for any deficiency due to short sale or foreclosure sale because you ahve not defaulted on the mortgage. It's the borrower's responsibility. However, it is better that you confirm this with the lender. As for the taxes, if there are back taxes owed, you might have to pay them immediately after buying the property in order to avoid an IRS lien being placed on the property. I don't think the borrower will be able to pay as he doesn't have the funds to pay the mortgage. However, you can still have a talk with him on this regard.
Whatever you do, have written statements of any agreement.
Thanks
Welcome to forums.
As much as I know, you don't have to pay for any deficiency due to short sale or foreclosure sale because you ahve not defaulted on the mortgage. It's the borrower's responsibility. However, it is better that you confirm this with the lender. As for the taxes, if there are back taxes owed, you might have to pay them immediately after buying the property in order to avoid an IRS lien being placed on the property. I don't think the borrower will be able to pay as he doesn't have the funds to pay the mortgage. However, you can still have a talk with him on this regard.
Whatever you do, have written statements of any agreement.
Thanks
you stated that you don't want to pay back taxes, etc. in order to get a clean title.
you will stand a good chance of foreclosure yourself unless you pay all taxes due. why in the world would want to risk losing this home that you so dearly want to buy? honestly, your stance regarding the taxes and other past-due bills is baffling.
no lender in its right (corporate) mind would grant a mortgage without "clean title." are we to assume that you have a private funder who can grant you the loan? if so, you'll probably be paying a lot more than you would ordinarily need to pay in order to get the loan.
you will stand a good chance of foreclosure yourself unless you pay all taxes due. why in the world would want to risk losing this home that you so dearly want to buy? honestly, your stance regarding the taxes and other past-due bills is baffling.
no lender in its right (corporate) mind would grant a mortgage without "clean title." are we to assume that you have a private funder who can grant you the loan? if so, you'll probably be paying a lot more than you would ordinarily need to pay in order to get the loan.
