Posted on: 31st Jan, 2010 10:33 am
i have found a house that is in foreclosure and due to be sold in march, can i have to owner do a quitclaim deed over to me then make up the past due payments and other monies that might be owed before the sale, then just take over payments and later refinance the house? i live in az and does that pose any other issues?
thanks
thanks
Hi,
You cannot have owner sign over the property to you through a quitclaim deed and take over the mortgage. It could have been possible if the house had not been in foreclosure. Doing anything like this can complicate things. If you want to purchase the house, talk to the lender. If they allow the transfer of title to you and let you assume the mortgage, go ahead with your plan. If they don't approve of this, you will have to wait till the house is auctioned. You can then bid for the house at the auction and purchase it.
You cannot have owner sign over the property to you through a quitclaim deed and take over the mortgage. It could have been possible if the house had not been in foreclosure. Doing anything like this can complicate things. If you want to purchase the house, talk to the lender. If they allow the transfer of title to you and let you assume the mortgage, go ahead with your plan. If they don't approve of this, you will have to wait till the house is auctioned. You can then bid for the house at the auction and purchase it.
A little more information for you, the x wife had it Quitclaimed over to her in the divorce a few years ago and it's now in foreclouser (sale in March) owes $7,200 in back payments and penalties can she quick it over to me and I go to the x husban and the mortage co give them the check then rent it for a for 6 months then buy it or just wait till it goes back to the bank and try to buy it from them?
Thanks
Thanks
Hi Frisch,
I would suggest you to contact the lender and check out if he would be ready to help you in taking over the property and the mortgage. There are chances that once the property goes to the lender, then you can try to buy it out.
I would suggest you to contact the lender and check out if he would be ready to help you in taking over the property and the mortgage. There are chances that once the property goes to the lender, then you can try to buy it out.