Posted on: 19th Dec, 2010 11:15 am
We are renting property and the landlord just told us the home is in forclosure and is to be sold January 10,2011. I want to make up the payments and have owners quitclaim deed it to us. Would I be responsable for the owners second. We really want the house and two years ago was forced out because we were waiting for Obama deal to go through and are morgage company played games with us and we lost are home after 13 years paid good status. we want this house what should we do?
welcome bsjensen,
unless you refinance the second mortgage in your name, you won't be responsible for the second mortgage. if the loan remains in the name of the seller, then the seller will have to pay back the loan.
you should check out whether or not the property has equity in it. if yes, then you should refinance both the mortgages into one and ask the landlord to quitclaim the property to you.
there are high chances that the property doesn't have equity. in such a situation, you should look out for renting or purchasing some other property.
unless you refinance the second mortgage in your name, you won't be responsible for the second mortgage. if the loan remains in the name of the seller, then the seller will have to pay back the loan.
you should check out whether or not the property has equity in it. if yes, then you should refinance both the mortgages into one and ask the landlord to quitclaim the property to you.
there are high chances that the property doesn't have equity. in such a situation, you should look out for renting or purchasing some other property.