Would like to takeover the payments!!!! Please help

Question

Brett Goldsmith · Answer

What are the arrears  on the mortgage note? Get a payoff on the account and a reinstatement quote.   Have you checked title to confirm how many liens are truly on title? If you take the property subject to, ensure to get an authorization letter or a power of attorney to speak on behalf of the borrowers with all lien holders on title.

Jeff Kehl · Answer

@Deepika Tandon Use care in this transaction since it is your first but it sounds good on the surface. California may be a bit different but I can tell you how I would approach this in Georgia.

You need 3 things. 1) A title search of the property to see what liens are on it. 2) To stop the foreclosure proceeding 3) A Purchase & Sale Contract signed between you and the owner.

There are many ways to get these three things done but to me the easiest way would be to contact the attorney handling the foreclosure and tell them you and the owner have agreed to a sale for $x where x is the foreclosure amount + arrears + attorneys fees +outstanding liens. Ask them to handle the title check and paperwork or recommend another attorney to do it.

Absolutely nothing unethical here, you're saving the owners credit, getting a good rental for yourself and generating some fees for the law firms involved. Classic win-win-win. Also tell them at closing you're looking for more deals like this.

Brett Goldsmith · Answer

@Deepika Tandon

Borrower or an authorized 3rd party can get a payoff and reinstatement quote. Most agents won't be able to help with this unless if they are very investment savvy. These scenarios can be complex and very sensitive, a custom contract is needed to do it the right way.

George P. · Answer

appears to be a significant equity for the owner to forego.

Dylan Vargas · Answer

@Deepika Tandon...Hello Deepika. I am in Chico and I believe we have spoken before. You can email me. I can buy this home cash or turn you onto some people that could finance the cost for you. Let me know.

Jeff Kehl · Answer

On the contract you can mark that it's subject to existing financing meaning you takeover the payments. Keep in mind you may be violating a due on sale clause in the note and the lender could call it due. Also it leaves the note in the owners name which could cause them an issue getting another loan.

Don Enrique · Answer

Hello Deepika

Highly recommend at nod attorney well worth it. California laws are so strick one mistake can get you jail time. It is not my intentions to talk you out, but there is enough profit to be made. Got to be especially careful if its owner occupied.

Check the California nod laws.

Nice deal by the way.

Deepika Tandon · Answer

@ Brett Goldsmith

Can homeowner call the bank and get the payoff and reinstatement quote? right.

Can a real estate agent help me with the paper work or do i need an attorney?

Would like to takeover the payments!!!! Please help

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