Posted on: 02nd Nov, 2009 04:14 pm
My wife and I are leasing a home that is going into foreclosure in the near future, we would like to know if we did a quic claim deed from the owner and got the property caught up is it in our best options. The reason we can buy it outright is because one of us has a foreclosure the past 2 years and the other one possibly does not qualify on their own to buy under the short sale purchase, what are our options.
you can do that process with a "land contract". both you and the owner will be on title, and you'll make your mortgage payment to the owner, and he'll make his payment to the bank. you'll refinance it into your names after your credit has improved. do the agreement via a real estate attorney, so you're both protected.