Seller Going into Foreclosure - Posted by Sean

Posted by Josh on March 26, 2003 at 08:45:04:

You can catch up the back payments, after getting a quit claim, and probably not trigger Due on Sale, as the bank will be happy to get paid, but you need to make sure legally you’re covered, as you don’t want to make 3k in back payments, and have the foreclosure try and rescind the quit claim. It helps if you can get them out of the house, before some of this happens. Looks like the 17k margain might be enough to do a sandwich lease option sort-of deal.

Seller Going into Foreclosure - Posted by Sean

Posted by Sean on March 25, 2003 at 09:32:29:

Rec’d call from seller going into foreclosure. Went to attorney a couple of days ago. 4 month behind ($2,300). Balance including attorney fees $74K. Appraisal done in December $91K. How would you proceed??? I can pull the $$ but would rather NOT. Anyway this makes sense??

Re: Seller Going into Foreclosure - Posted by .JimY

Posted by .JimY on March 26, 2003 at 08:38:28:

I did one of these…Seller quit claims to you the deed, you then sell or refi…but you have to be quick, cause the house stays in foreclosure mode…
or catch up the bcak payments, the seller then quit claims the deed to you but then the loan is called due to ‘Due on Sale’ clause. you have to refi or sell.
Forget the attorney…he will deny everything…you can call me if you want…email me & I’ll email you my phone # Jim