real estate newbie. I’m interested in getting into pre-forclosure investing. I’ve got some ideas, but of course I have questions:
Can you help a distressed homeowner cure their forclosure by paying arrears to reinstate the loan, then attatching a lien to the property for the private loan, and finally when title is cleared of the foreclosure, find permanent financing to refinance and repay my private loan? Please help! Where do I go and what should I do?
Can you acquire a pre-forclosure property by reinstating the loan and then finding conventional financing to purchase the property? If yes, how do I protect the money I invest to bring the loan current? Do I even need to reinstate the loan before I finance the purchase?
Any input on these subjects would be greatly appreciated.
Title will not be affected unless the foreclosure occurs. At least in deed of trust states, I am not sure about others. Please help me here too. Instead of a loan you could just get the deed. You should get a title search first before loan any money or spending any cash to cure the loan. Your loan deal will work but I would rather be the owner of the property instead of just another lender.
Just like above just get the deed and you own the house subject to the loan. Also you do not need to reinstate the defaulted loan if you can pay it off fast enough with a new loan. You can always reinstate, get the deed at the same time and then either resell the property or refinance if you wish or just keep making the payments on the loan that is still in the sellers name.
i think (and i stress the word think), even if you could lend them the money and place a lein on the property if it made it to the sherriff sale alot of the leins are wiped out anyway and you may not get your money back