I’m a newby…My relative is in pre-forclosure or forclosure because of financial difficulties (NJ). Its $70k house and there is equity in the house… She said the bank will not accept any payments.
What do I have to do to assume the mortgage and save house – Subject To?
Can I get the deed and make payments until we sell it?
How do I obtain the deed?
Could I get home equity loan after I obtain?
How do I avoid getting it put up for auction?
Do I have to go to court?
I guess I can resell immediately or let her live there? Any suggestions?
Can I get a home equity loan to help make payments until resell?
When she gets rid of her car, she could make payments…
How do I check if there are liens against her?
What should I ask her attorney?
Any other suggestions would be greatly appreciated.
What do I have to do to assume the mortgage and save house – Subject To?
[b]Can I get the deed and make payments until we sell it?How do I obtain the deed? Could I get home equity loan after I obtain? How do I avoid getting it put up for auction? Do I have to go to court? I guess I can resell immediately or let her live there? Any suggestions? Can I get a home equity loan to help make payments until resell? When she gets rid of her car, she could make payments…
How do I check if there are liens against her? What should I ask her attorney?
These are all GREAT QUESTIONS!! I can see that you have really thought this through!
Here is the situation if you and your relative have different last name’s and you have good credit I would show that you are purchasing the property from your relative at full market value. With an agreement that the moneys received (equity) go into escrow to cover the payments until the property is resold at that time divide the funds however agreed! This is the easy way to overcome this problem…
Here are some FACTS
Banks will not do short sale if there is equity in the property
If you have the same last name most banks will look at this as a foreclosure bail out and will reject the loan… There are still some banks that will do it.
If you can satisfy the current loan chances are the bank will discount the attorney fee’s
The way I said to do this deal is the fastest/Safest way to obtain the cash out at closing!
You could call and get a forebarence on the propety this would also make it hard to obtain a HELOC or any other loan to get the cash out