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I can't stress this enough, banks are in the money business, not the property management business. The bank would rather see those notes turned back into performing assets than to foreclose on the property, even if you increase the value of the property. By the time they can get to the auction point, they will have spent more money than they will Nike Air Max White Purple
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Find out who currently holds the lien on the property. In this case, do not try to keep the financial institution in the dark about the process. Get the owner to sign a release of information, allowing you to talk to the lien holder directly. Call them and find out exactly what it will take to bring the notes current. Explain you want to rehab the properties, which will secure the value of the properties and that you will be making payments on time. Air Max 2016 Blue Grey
profit. They don't want to own more property than they already do. The bank probably hasn't paid any taxes on the property.
You'd have like been paying the property taxes because the record owner has not. You'd have Air Max 2017 Footlocker been advancingmoney to insure these properties since they are higher risk. And your investment has not produced cash flow for years.
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I have recently found an owner who is willing to quit claim her deeds on 4 properties to me for free. The catch is that they are all financed and defaulted for over 4years. The banks have never foreclosed and she believes that some or all of the noted were sold but has no clue who now owns the note. She is not in the least worried about hercredit, she just wants out. I took a look at the properties and all but one are severely distressed. Also, the taxes are current on all but one. I'm not sure what to do. I want the one house, but I'm not sure what my liability will be if I get them rehab and rent. Can the note owner come back and take the properties? Am I am yo do a quiet title action? Or has enough time passed for me to claim a clear title?
I know it is hard to hear when you get excited about a property but this is probably not going to be a deal. There will be others.
Don't forgo the basics of deal analysis just because the properties are "free". There is a cost, and there is risk.
All the back taxes paid by the bank as well as the principal and interest will need to be settled. After four years this is likely way over what the properties are worth. You could attempt to pursue a short sale but I've found 90% do not work out because the bank wants too much money.
The mortgage is still on the property. It's doubtful, but possible, some statute could prevent the mortgagee from foreclosing. But generally, yes the bank can foreclose since Nike Air Max White And Gray
the note is in default. You wouldn't have any liability for the loan, but would lose whatever money you put into it. Without knowing Exactly the amount of all liens on a property it's to pick a strategy. The Quiet Title route is way over hyped as a solution, usually to issues like this where it doesn't apply. Start with a title search.
Deeds for free
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