who would I foreclose on?

[Stephen S.]

This house has been empty for four years.  Well upside down on the mortages.  It took me a long time to find the owner - and actually I am still one step away:  presently talking with the previous owner - the aunt of the present owner.

The ower of record  (name on the deed)  declared bankrupcy and that was recently concluded.  The house / mortgage in question was included.  The owner is reluctant to get involved as she thinks that she will some how 'get financially involved' and then owe some money.  

So a short-sale is likely impossible - without her cooperation I mean.  

Maybe I could buy the loan at a discount from the bank which holds it?  Conveniently;  my bank.  Although I don't know if that make a difference.

I think I can get her to quit-claim the property to me.  But would that elimnate the possibility of a bank short sale?  I would be the OOR while the previous owner would be the name on the mortgage note.  How would that work? <g>

 But if buy the mortgage directly from the bank - then I would only need her to quit claim the deed - in lieu of me foreclosing on her?

I'm confused.  How would all you Smart Guys handle this one? <g>

stephen

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[Divina Maruca]

Can't give you legal advice in Florida.  (Have to say that because they watch other attorneys)  As a Florida investor and buyer of notes, I will tell you that you need to run a title search on the property to discovery what liens exist.  You'll have to make sure all those liens are resolved, particularly the mortgages.  Florida does have an anti-Equity skimming statute - be careful if you take ANY property there and not pay the underlying mortgage as it is a felony.  (Guess who got that piece of legislation passed - the banks).  In most cases the bank can't sell you the mortgage because its been sold off to a mortgage-backed security and they may not have actual control of it.  Its probably the hardest thing to do and I've tried many.  It works ok with commercial property, but residential is another story.  Run that title search - and start there and see if its worth it.  If you can't buy the mortgage notes cheap cheap cheap, its not worth it.