I have 2 houses I’m buying sub-2, my first houses. I’ve just talked to two different attorney’s as the houses are in two different areas, and they have to draw up the quit claims deed. They keep reminding me that because I’m taking over the mort. without permission, the bank can foreclose on the property. I already know this. Up to this point I’ve done everything I’m suppose to do, I just need some reasurance, I’m getting cold feet. Please help!!!
You are doing the current owners of the house a great service. They need out and you are helping them move on. As for the lender, they would have to call the note due first, then foreclose. Why would they do that if it’s a performing note. If the payments are on time and any arrears has been resolved then there should be no reason to worry. Lenders are in business to make loans, not foreclose. Great work on obtaining these houses. I am a loan officer, and if you need help getting your new tenant-buyers financed after they’re seasoned, I’d be happy to help. Hope I’ve helped.
Win-Win investing to you, Shawn
Quit claim deeds are a thing of the past. Most title companies will not insure them. Ask attorney to get at least a deed without warranty but try to get a warranty deed or a special warranty deed. Any one of the three will be OK but a warranty deed is best.
Thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
512-301-9171 home
512-587-6177 mobile
Quit claim deeds are a thing of the past. Most title companies will not insure them. Ask attorney to get at least a deed without warranty but try to get a warranty deed or a special warranty deed. Any one of the three will be OK but a warranty deed is best.
Thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
512-301-9171 home
512-587-6177 mobile
Thankyou, I’ll check on that!!!