OfflineI am running into homeowners and actually have a contract on one such property, where due to death or divorce, there is a mortgage on the home but the deeded homeowner is not on the mortgage note. They are only on the deed. The mortgagor is only on the note and not on the deed.
I understand the lender can foreclose to go after the property as it is the collateral of the mortgage note.
Are there any legal pitfalls to the homeowner deeding the property to a new owner during this time? Would this cause the lender to have to refile the foreclosure?
If you know of any strategies or ways to get the lender to stop foreclosure and/or negotiate this with the lender, please reply!
Thank you.
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determine If the seller has POA to sell and gather all the other criteria on the property using the Leadsheet info form.
Then, using the strategies you've learned, put together a deal that satisfyies the sellers needs and your buyers (if wholsaling)
Use 'sub-to' or L/O's or just make the offer.
You Have to learn the strategies and then use the one that Best suits All.
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools