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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Contract to purchase after foreclosure..... Posted by Rick Harmon on May 07, 2010 at 10:21 AM In Reply to: Re: Contract to purchase after foreclosure..... posted by Apex on May 07, 2010 at 9:52 AM The O.P.'s queries are a bit muddy, but from what I gleen out of this, the property has IRS lien(s) and this has something to do with why the loan is not performing. Without a detailed analysis of the liens and title. its impossible to say what the best course of action is. what I can say, is that this is not for an inexperienced investor. Lots of landmines and pitfalls. It might be possible to clear title by foreclosing on the Note, especially if it is a 1st position, and was insured at on origination. Theoretically, an investor could contingent contract to buy the note from the bene prior to foreclosure sale, or even the property should they get it at sale. A DIL won't fix a title problem like an IRS lien. I ask: 'What makes THIS situation so attractive to you?' How would you propose to add value for either of the parties? Follow Ups: Re: Contract to purchase after foreclosure..... apex 12:20 AM, 05/07/10 (3) Re: Contract to purchase after foreclosure..... BTI 9:19 AM, 05/10/10 (2) Re: Contract to purchase after foreclosure..... apex 10:49 AM, 05/10/10 (1) That's what your attorney is for (NT) Rick Harmon 4:03 PM, 05/10/10 (0) Post a Followup: Name : E-Mail : Subject : Comments: : The O.P.'s queries are a bit muddy, but from what I gleen out of this, the property has IRS lien(s) and this has something to do with why the loan is not performing. : Without a detailed analysis of the liens and title. its impossible to say what the best course of action is. : what I can say, is that this is not for an inexperienced investor. Lots of landmines and pitfalls. : It might be possible to clear title by foreclosing on the Note, especially if it is a 1st position, and was insured at on origination. : Theoretically, an investor could contingent contract to buy the note from the bene prior to foreclosure sale, or even the property should they get it at sale. A DIL won't fix a title problem like an IRS lien. : I ask: 'What makes THIS situation so attractive to you?' How would you propose to add value for either of the parties? : [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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