Bob thank you once again.I get what you are saying but you’re right i am a little confused.I have a few questions if you don’t mind.First to answer your question yes the mortgage hasn’t been paid in 4 months .One person is on the mortgage and both are on the deed. I was told by a friend that in miami dade county they don’t foreclose till the ninth month. How can i find out if that is true or not? Now as far as buying time can i contact the mortgage company? WHO DOES and what do they say?The extension you write of is from foreclosing right?Also what do you mean by adding a couple of months on the back end of the loan?
What steps should i take after that. Should i go ahead and get pre approved for a loan?How do i get the deed signed over?Again all your help is greatly appreciated.
I HAVE A FRIEND WHO IS GETTING DIVORCED AND IS LOOSING HER HOUSE.SHE SAID TO GIVE HER SOME MONEY AND KEEP THE HOUSE.I HAVE NEVER DONE ANYTHING LIKE THIS.WHAT ARE SOME TIPS AND TRAPS?WHAT STEPS SHOULD I MAKE?ANY INFORMATION WILL BE GREAT.
Posted by Bob (OH) on November 08, 2002 at 03:39:25:
Well now…without even knowing any futher details…this sounds tricky. First of all you need to know : Is the sale of the home court ordered? 2. Is the home paid off? 3. If not, is the mortgage assumable? 4. How about the old man, does he have a financial interest in the home? 5. Are the taxes paid up to date ? 6. Is there insurance on the home ? 7. Is anyone living in the home now ?
Once you get all this information, you should have a better idea on how to proceed.
Now, suppose that the home is empty, insurance and taxes are paid and the mortgage is assumable the next thing you need to do is get it appraised. Then do some comps in the area to figure out what the home is actually worth. Should you decide to go this way, find an attorney and have them do a quit claim deed or a warrenty deed (this may be about $100) Maybe you can find one at an office supply store but it will have to be notorized.
Be sure you cover all the bases. Someone may have a second mortgage on it or some other type of lien. Also, depending on the company, I have seen a early payoff penility of 1% if less than five years old.
Just remember, due diligence is your best investment.
Good luck.
Bob(OH)
Bob thanks for the advice.All i know is that the house is backed up 4 months.It has no tax liens,second mortgages ,the old man knows, and they have had it for 4 years.
What steps can i take ? who can appraise the family? How do i find the comps?
I am new to this so i hope these questions are not dumb.i just don’t know who to ask or where to get information?This web site and Bob’s response have multipled my knowledge already thanks.
Posted by Bob (OH) on November 11, 2002 at 24:00:13:
I guess when you say backed up…you mean that it has not been paid in the last four mounths …correct ?
If you are friends with these people, you need to buy yourself some time if you intend to continue this. Get the one who is listed on the mortgage, if both are it dont matter, to call up the mortgage company and ask for an extension. What will happen is that they will send out a form to sign, access to a fax is the best. Then they will take …I dont know how many they will do but, add a couple mounths on to the back end of the loan. They dont want the house and they dont want the expense of foreclosure so most any bank will do this to help out if they get asked. Hopfully it is not to late.
You could do some comps on line, just go to a realestate web site and look over some houses in the area that kinda fit what you got. Call or stop by a local agent and ask them what has sold in the area in the last few months. You could go to the court house recorders office and get some information there. This is all free stuff and anyone can get it.
Right now the first thing you need to do is get the mortgage company to relax and not foreclose. I’m sure someone is sitting in the bank office about now filling out court papers. This should be your first step to save the house.
If you are able to save it, look in the phone book and find an appraiser. This could cost you about $250 depending on your area.
Ask the owners what the payoff is and find out if they remember anything about an early payoff penility. Let them know that in order for you to help them they need to help you. NOBODY wants a foreclosure on their credit report. Being late is one thing they can recover from a lot faster than a foreclosure.
Send me an e-mail if any of this dont make sence…“K”
Bob (OH)