Good Morning Fellow BP'ERS
I have an interesting situation on my hands. I aquired a piece of property in a NOLA Tax Sale over three years ago. This particular piece of property was foreclosed on by Freddie Mac in 2008. It slipped thru the cracks and ended up on the NO Tax Sale roll in 2011. The redemption period has expired and now I am free to pay my lawyer an enormous amount of money.
But before accepting a check, the lawyer stated that I should seek out the Freddie Mac property manager and see if they would agree to signing a Quit Claim Deed. He doesn't know if it's been done before but suggested I try (for too many reasons to state while typing on my smart phone) before starting the court process.
Hence my question: Has anyone on BP been successful at obtaining a Quit Claim Deed from Freddie Mac and/or Fannie Mae? All I have is a phone number and an address in Texas. I will post my actions as I seek to acquire this document. Any and all help is appreciated.
Do keep updating as you go through the process. I am interested to learn from your experience.
Try searching the foreclosure court documents for the MERS # (it's like an acct. # for the foreclosure). You may be able to quickly find the correct person at Fannie Mac w/ that info.
Yes. I will post all substantial information I find out in this process. Hopefully this can be beneficial to someone down the line.
I will look into the MERS #. I conducted a title search and have the names and "current" mailing address of the previous owners. I would like to gather as much info as possible before I make the phone call to Freddie Mac
I am expecting a lot of resistance from Freddie Mac. But I am going to stay on top of them. And as soon as I get a case manager's name, I am setting up a meeting and camping out at his/her office.
I will hold the house long-term. From the outside, it is strictly a cosmetic rehab with anticipated plumbing and electrical dollars in the budget. The rehab will be funded with cash on hand and re-finance to pull out the equity. I am planning to use this property to fund an 8-plex or small apartment complex. Fidelity Homestead is loaning 90% on equity and I see similar comps coming in at 155K for this property
I am also very interested in how well the county level tax lien process can overrule Federal agency property rights. Let us know how this turns out.
It's extremely unlikely. Suits to quite title are abundand in Las Vegas and I've never seen any entity from the secondary mortgage market sign a quitclaim deed. Different in theory but the same strict government principle applies.
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