who would I foreclose on?
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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