Posted on: 16th Oct, 2009 03:40 pm
i am owner financing a house in florida to a lady that is in default on her balloon payment due two months ago.i am seling the note to a investor ,he found out that the person that is in default has quit claim deed the property for 10,000 dollars 2 yrs ago to someone.if i decide to foreclose does the person that she did the quit claim deed with have to be served?i only know his name through court records.will that delay the foreclosure process on the property?please let me know asap time is of essence
please see above question
if you're selling the note to an investor, then why would you be the foreclosing party? if you can take your money and run, that's a good deal...a bad deal for an investor, i'd think, but then again...
yes, since your new owner has a claim on the property, i'd have to say any foreclosure action will need to include him as well as your original borrower.
yes, since your new owner has a claim on the property, i'd have to say any foreclosure action will need to include him as well as your original borrower.
please keep in mind i am not a lawyer, and you need to get legal advice on this matter.
This isreally complicated situation and you really need soem legal repesentation to ensure you are coverign everythign legally