 elbabush
Joined: 02 Nov 2009
Posts: 1
1.30 Dollars($)
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 Posted: Mon Nov 02, 2009 5:14 pm Post subject: How to purchase/quick claim deed |
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| My wife and I are leasing a home that is going into foreclosure in the near future, we would like to know if we did a quic claim deed from the owner and got the property caught up is it in our best options. The reason we can buy it outright is because one of us has a foreclosure the past 2 years and the other one possibly does not qualify on their own to buy under the short sale purchase, what are our options. |
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raymond
Community Experts
Joined: 03 Jul 2009
Posts: 315
Location: Irvine, CA
60.39 Dollars($)
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| Posted: Mon Nov 02, 2009 6:07 pm Post subject: |
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You can do that process with a "land contract". Both you and the owner will be on Title, and you'll make your mortgage payment to the owner, and he'll make his payment to the bank. You'll refinance it into your names after your credit has improved. Do the agreement via a Real Estate Attorney, so you're both protected.
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Raymond
www.ReverseMortgageCalculator.org |
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