Posted on: 14th Jan, 2010 02:19 pm
I have read into this some a couple of hours now and have some type of understanding to a result of a quit claim. I live in a house that is currenlt in defult for about 10 days. I spoke with the property owner and he is willing to quit claim on it and deed it to me, knowing what is owed and accepting to pay those amounts, since he no longer can. Once I receive a quit claim and file it what are the next steps for me? Where do I begin at this point?
Thank you
Thank you
Thing is, an owner cannot quit claim a deed to you and not be responsible for the note to the bank.
the best option here is for you and the owner to call his mortgage department and try to work out an assumable deal.
If not, the owner could try to work out a short sale. In this case he should contact a realtor to work out the details of the contract to the bank. In this case you would have to pay the mortgage closing costs.
the best option here is for you and the owner to call his mortgage department and try to work out an assumable deal.
If not, the owner could try to work out a short sale. In this case he should contact a realtor to work out the details of the contract to the bank. In this case you would have to pay the mortgage closing costs.
If you were not originally on title, you would not be able to do that. It's a purchase.
If the owner & the bank lets you assume the mortgage, he would still have to pay what is owed.
there is no way to refinance a property that really should be a purchase.
The owner should call the mortgage company and review options. Ultimately the decision is up to them.
You could try to work out a short sale deal with the owner, in which case, he would get a realtor, and the realtor would negotiate the terms of the settlement.
In that instance, you would still be responsible for the normal closing costs associated with the loan.
That might be a better deal b/c then you aren't buying a home at more than the value, it would be less.
Make a normal offer...the going rate of the house, plus 6% closing costs help from the seller(the bank). Go FHA, that allows you to only put 3.5% down. There might be a grant program out there. Or you could try rural housing which is 100% financing. It would of course need to meet certain criteria for rural housing, but you could try.
If the owner & the bank lets you assume the mortgage, he would still have to pay what is owed.
there is no way to refinance a property that really should be a purchase.
The owner should call the mortgage company and review options. Ultimately the decision is up to them.
You could try to work out a short sale deal with the owner, in which case, he would get a realtor, and the realtor would negotiate the terms of the settlement.
In that instance, you would still be responsible for the normal closing costs associated with the loan.
That might be a better deal b/c then you aren't buying a home at more than the value, it would be less.
Make a normal offer...the going rate of the house, plus 6% closing costs help from the seller(the bank). Go FHA, that allows you to only put 3.5% down. There might be a grant program out there. Or you could try rural housing which is 100% financing. It would of course need to meet certain criteria for rural housing, but you could try.
If you were not originally on title, you would not be able to do that. It's a purchase.
If the owner & the bank lets you assume the mortgage, he would still have to pay what is owed.
there is no way to refinance a property that really should be a purchase.
The owner should call the mortgage company and review options. Ultimately the decision is up to them.
You could try to work out a short sale deal with the owner, in which case, he would get a realtor, and the realtor would negotiate the terms of the settlement.
In that instance, you would still be responsible for the normal closing costs associated with the loan.
That might be a better deal b/c then you aren't buying a home at more than the value, it would be less.
Make a normal offer...the going rate of the house, plus 6% closing costs help from the seller(the bank). Go FHA, that allows you to only put 3.5% down. There might be a grant program out there. Or you could try rural housing which is 100% financing. It would of course need to meet certain criteria for rural housing, but you could try.
If the owner & the bank lets you assume the mortgage, he would still have to pay what is owed.
there is no way to refinance a property that really should be a purchase.
The owner should call the mortgage company and review options. Ultimately the decision is up to them.
You could try to work out a short sale deal with the owner, in which case, he would get a realtor, and the realtor would negotiate the terms of the settlement.
In that instance, you would still be responsible for the normal closing costs associated with the loan.
That might be a better deal b/c then you aren't buying a home at more than the value, it would be less.
Make a normal offer...the going rate of the house, plus 6% closing costs help from the seller(the bank). Go FHA, that allows you to only put 3.5% down. There might be a grant program out there. Or you could try rural housing which is 100% financing. It would of course need to meet certain criteria for rural housing, but you could try.
the default "for 10 days" - does this mean that payment was due at the first of the month (january) and when you wrote this (january 14), which was actually 13 days, you considered the account in default as a result of non-payment of that january 1 payment?
if the situation is akin to what i've just described, then the lender's not going to be all antsy about you and the current owner working out a deal. after all, no lender is going to begin an action to foreclose until an account reaches 60 or more days delinquency.
if the situation is akin to what i've just described, then the lender's not going to be all antsy about you and the current owner working out a deal. after all, no lender is going to begin an action to foreclose until an account reaches 60 or more days delinquency.
I spoke with the owner of the property and he explained to me where everything stands. The house is in pre foreclosure as of Jan 5, he is 7 months behind for about $18,000. It is in a prime location of Ca. and he owes a 100K on one loan and 380K on an other loan for a total of 480K but the house estamite price is about 370K-390K at this time. He is not willing to do to much since he is in such bad shape and seem to be loosing everything.
Thank you for all you help
Thank you for all you help
okay...now i get it a little better. chris l, you need to hold on to your own things, because you're not going to do well if you try to bargain with the owner and take over his debts.
you just stated that the house is in pre-foreclosure; that could mean that the final aspect of a foreclosure could be minutes away. unless you can be absolutely certain that this deal will work out for you (and i don't mean taking over his payments), i think you ought to consider something elsewhere.
you just stated that the house is in pre-foreclosure; that could mean that the final aspect of a foreclosure could be minutes away. unless you can be absolutely certain that this deal will work out for you (and i don't mean taking over his payments), i think you ought to consider something elsewhere.