PreForeclosure Problem - Posted by wmarinik

Posted by William Bronchick on July 20, 2004 at 08:39:24:

I’m not clear what the Will has to do with anything. If the current
owner has a beuqest in his Will and is STILL ALIVE, the Will is
meaningless as it relates to the property.

PreForeclosure Problem - Posted by wmarinik

Posted by wmarinik on July 19, 2004 at 20:12:19:

I was in the process of buying a preforclosure property with healthy equity. Obtained a Warranty Deed which I promptly recorded here in Texas. Prior to paying the note off, the Title company found a distant relative that had been willed a 25% interest in the property 10 years earlier. Attempts to contact this individual and obtain a release of the 25% have failed. My thought at this point is to exit the deal with a Quit Claim Deed to the seller and walk away. Has anyone else ever had this happen?

Re: PreForeclosure Problem - Posted by John Merchant

Posted by John Merchant on July 20, 2004 at 13:29:51:

The way I read this is that your seller didn’t HAVE full title to sell to you, and another owner has now surfaced who was willed her part.

If your 75% is worth more than you paid, I’d be tempted to hang in there, and, as “caretaker” of the RE, get a tenant in there & “takecare” of it.

I’ve had some of these odd partial ownership interests, and normally they do work out.

Sometimes it’s taken YEARS for other owner to surface & I don’t kill myself looking for them.

I’ve eventually got the whole title in every one, or else worked out a sale so we all got the profit.