Subject To Advice

Foreclosures, Short Sales, Tax Foreclosures
1

I have a home that I purchased subject to the existing mortgage and
created a land trust, but I have not recorded the deed for the land
trust yet. The reason I have not recorded the deed yet is because I
am trying to work a short sale on it. I am just about there with the
short sale, and am just waiting on the mortgages companies to accept
my offer. In the mean time I am afraid that the owner might end up
with a lein or judgement against their name before I complete the
short sale.

  1. Should I record the Deed to avoid a judgement attaching to the
    house?
  2. If I record the deed, what impact will that have on the shortsale
    process?
  3. Should I wait to record the deed and cross my fingers?

Tim

2

I wish I had the answer to your question.
It is a great question and would like to hear the answer myself.

Did you get a good enough deal to just sell it and make a decent amount without doing a short sale? Or do you need the short sale to make it a profitable deal?

I would be a little concerned about not recording right away. Credit card companies, car companies and others could file judgements and liens.