All Forum Posts by: Richard D.

Wayne is probably right, the collections department is probably clueless that the lien is no longer enforcable, and as far as they know you just assumed the mortgage. I do see this a lot in large mortgage companies, the right hand doesn't hve a clue as to what the left foot is doing, and vise versa. 

You may want to notify them of the changes, and be prepared to send copies of the suit, and deed paperwork. Just as CYA precaution, so they don't try and sue you.

A quit Claim Deed will remove him from the title, but will not alleviate his liability for the loan. Talk it over with the bank, because if your father in law wants off the loan, then you most likely will need to refinance.

Darren, what was the outcome?

Would you stop working if you had a 9-5 during the winter? This would be the time of year you should be buying in the North, when it's cold & no one else is! I understand December is traditionally slow, just don't expect a whole lot of deals during the month.

I can see potential in your idea, welcome BP James. Have you thought about lower income areas to maybe get full equity to rinse and repeat?

Jason, welcome to BP. Thank you for being a first responder. Read, ask questions, and learn. Take the knowledge you gain here and apply it, and you will do well.

Daniel, the bank has no claim to the collateral of the loan. They still can however file a civil suit against the person who lost the home for breach of contract.

They are probably trying to get you to bite on a loan for nothing in return.

This may help new investors a little to understand just how thinking outside the box is beneficial. I was at work one day (I'm A Local Tax Office Deputy by Trade), an older man walks up to the counter and slaps down a piece of paper. It was a Quit Claim Deed! 

He says "I want you to have my property sold at the next auction. Use the money to pay someones delinquent taxes, as I no longer want the property, nor can I maintain it." 

Well, unfortunately we were not able to accommodate his request. This did not deter the gentleman from doing his good deed though. He marched himself outside and proceeded to sell the property right then and there, himself.

When he was done, he came back inside and paid 3 to 5 delinquent accounts from the money he just received. I'm not exactly sure since I do not process cash payments.

So what is the strangest way you have ever obtained or sold a property during your time as an investor?

Why not deed it to the city? You can call it a donation for the police department to use the facility as a neighborhood sub station... I knew a guy who did that with his commercial building because he couldn't sell it and was tired of paying taxes on it. It was in a high crime neighborhood and the police wanted 24/7 presence without using tons of resources.

Ok enough of you want more info, here is a blog post for you.

Starting with less $1000.00