All Forum Posts by: Account Closed
Account Closed has started 2 posts and replied 16 times.
Post: Should I file the Deed, or wait, for some reason..?
- Posts 16
- Votes 11
Quote from @Ken M.:
Quote from @Account Closed:
Thank you for your help Ken.
What's the proper sequence?
"Subject To" is legal, when done legally. However, you are dealing with federal laws (foreclosure avoidance consulting, foreclosure law, equity skimming possibly, mortgage fraud possibly, mail fraud possibly, wire fraud possibly, Consumer Protection Act) and local laws as well.
It takes time to set up what you are trying to do and it has to be done before going into the transaction.
Then you have to know how to hold the property, taxes, insurance, payments, deal with issues as they arise and how to exit the situation based on what has already happened. The statute of limitations (how long you can be charged) is 3 years on some of those things and 10 years on others.
It's a big deal.
Sometimes people are lucky and avoid all of that. But, telling you the steps isn't sufficient to keep you out of trouble. Each step leads to a new decision and that depends on your availability of money and your goal.
Okay, thank you Ken. That's helpful.
Post: Should I file the Deed, or wait, for some reason..?
- Posts 16
- Votes 11
Quote from @Syed Ahmed:
From what I’ve seen, whether to record the deed right away or wait often depends on your strategy and how comfortable you are with potential risks. Recording it secures your interest publicly, but if the property is already in default, you’ll want to be mindful of how that might affect your next steps especially if you’re considering wholesaling or giving it back. The concerns you mentioned about title history and multiple transfers are definitely valid. This is one of those areas where talking with a local real estate attorney or title professional can save you a lot of headaches. Curious to hear how others here have handled similar situations.
Thank you for your help Syed!
Post: Should I file the Deed, or wait, for some reason..?
- Posts 16
- Votes 11
Not sure what you mean here John. But thank you for your input.
Quote from @John Clark:
Quote from @Account Closed:
I purchase a property recently subject-to, and got the deed to the property. I'm planning to hold it long term.
Though I have the deed, I'm wondering if I should go ahead and 'file it' with the county. I haven't cured the default on the mortgage yet (it was 6 months behind, and in default).
I have considered just wholesaling the property as well.
Are there reasons I would NOT want to file the deed? My thought is that having too many properties in my name could be a problem. And/or that having the property change hands too rapidly (I file the deed in my name, then sell it soon after) could create various kinds of problems.
Also if I file the deed, then need to Quit Claim the property back to the seller, could that create weird title issues that creates a liability for myself and/or the original seller?
Thank you very much for your help!
2. Accept the fact that you will lose everything because you bought subject-to for a property already on the skyline with the bank and this is just one more example of the owner screwing around.
3. never buy subject-to again.
Post: Should I file the Deed, or wait, for some reason..?
- Posts 16
- Votes 11
Thank you for your help Ken.
What's the proper sequence?
Post: Should I file the Deed, or wait, for some reason..?
- Posts 16
- Votes 11
I purchase a property recently subject-to, and got the deed to the property. I'm planning to hold it long term.
Though I have the deed, I'm wondering if I should go ahead and 'file it' with the county. I haven't cured the default on the mortgage yet (it was 6 months behind, and in default).
I have considered just wholesaling the property as well.
Are there reasons I would NOT want to file the deed? My thought is that having too many properties in my name could be a problem. And/or that having the property change hands too rapidly (I file the deed in my name, then sell it soon after) could create various kinds of problems.
Also if I file the deed, then need to Quit Claim the property back to the seller, could that create weird title issues that creates a liability for myself and/or the original seller?
Thank you very much for your help!
Post: Signatures needed in the FUTURE for a 'subject-to' deal
- Posts 16
- Votes 11
Hello, if I purchase a subject-to property from someone, cure the default on the mortgage, and keep making payments to hold the property long-term, for what reasons may the original seller need to come back to the table to sign off on documents 1,2,5 years do the road?
I'm concerned that the original seller may be hard to find, and/or not interested to come back and sign off 'down the road.'
What steps can I take to deal with that problem/make it a non-issue NOW?
Thank you!