InnoVest Resource Management's Foreclosure Forum

Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Foreclosure Codes 50 State Foreclosure Basics Foreclosure Glossary 60+ Yrs Interest Rates News & Trends FAQ Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Preforeclosure process clarification Posted by Jason on June 20, 2002 at 0:00 AM I have an opportunity to take over a home in California that is in the preforeclosure process that has equity. I am trying to determine the different options I have of taking over the property. Can someone clarify if the following will work and the potential problems to look out for. Pls also answer the questions below. - Perform necessary title search. - The owner signs the grant deed over to me. - The note stays in the current owners name. - After recording the deed, I pay the lender the amt owed including penalties. - The lender stops the foreclosure process and I either refinance the note in my name or sell the property. 1. Do I need to open escrow? 2. Do I need to notify the owners current lender? 3. Is it correct that the current owner has 5 days to cancel the transaction? When does the five days start? Once the 5 days is over, does the owner have any rights to the property. 4. I have also heard if the lender notices that a different person is paying for the loan they may call the loan due in 5 days? What happens at that point? Does the lender take the property after 5 days or do they just restart another 90 day foreclosure period? 5. If someone does this as a business, should they form a corporation and make all transactions in the corporations name? Any help would be greatly appreciated. Thanks Follow Ups: Pre-sale clarifications Ward-CA- 7:03 AM, 06/23/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I have an opportunity to take over a home in California that is in the preforeclosure process that has equity. I am trying to determine the different options I have of taking over the property. Can someone clarify if the following will work and the potential problems to look out for. Pls also answer the questions below. : - Perform necessary title search. : - The owner signs the grant deed over to me. : - The note stays in the current owners name. : - After recording the deed, I pay the lender the amt owed including penalties. : - The lender stops the foreclosure process and I either refinance the note in my name or sell the property. : 1. Do I need to open escrow? : 2. Do I need to notify the owners current lender? : 3. Is it correct that the current owner has 5 days to cancel the transaction? When does the five days start? Once the 5 days is over, does the owner have any rights to the property. : 4. I have also heard if the lender notices that a different person is paying for the loan they may call the loan due in 5 days? What happens at that point? Does the lender take the property after 5 days or do they just restart another 90 day foreclosure period? : 5. If someone does this as a business, should they form a corporation and make all transactions in the corporations name? : Any help would be greatly appreciated. : Thanks Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction.

Copyright © 1997-2002, InnoVest Resource Management

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455