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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Friendly foreclosure Posted by Ward-CA- on April 27, 2003 at 10:12 AM In Reply to: wanted by the FBI posted by zachary on April 26, 2003 at 11:18 PM : I've come across a strange situation and was wondering if there is anything I can do for these people. : A co-worker of my wife called me to ask for help. THis is regarding his mothers house. She wants to give the house to him : the problem is that both his father and mother are on the deed. His father did something bad and took off about 4 years ago. he is still wanted by the FBI. : He is gone for good,and as far as these people know, possibly dead. : Is there anything that can be done to get his fathers name off the deed? I know under normal circumstances both parents would need to grant their equal interests in the property to the son, but what is done in situations where people go missing like this? : This is is in CA.... : thanks, : Zachary ============== Zachary, As you know, a foreclosure wipes off the title of property the most junior of all equities—the ownership. People employ a "friendly" foreclosure to cheaply and quickly clear up the ownership on their property by acquiring the ownership of a trust deed that's been signed by ALL owners. Then they just do a judicial foreclosure on it. A judicial foreclosure is almost invisible to foreclosure investors, so they won't be around to bid the deal up to the stratosphere. Without any bidders the title to the property would go to the beneficiary of the promissory note, which would be the son. The negative is that Mom would have a foreclosure against her credit record. Follow Ups: Re: Friendly foreclosure zachary 10:43 AM, 04/27/03 (1) Judicial foreclosure routine Ward-CA- 4:39 PM, 04/27/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : I've come across a strange situation and was wondering if there is anything I can do for these people. : : A co-worker of my wife called me to ask for help. THis is regarding his mothers house. She wants to give the house to him : : the problem is that both his father and mother are on the deed. His father did something bad and took off about 4 years ago. he is still wanted by the FBI. : : He is gone for good,and as far as these people know, possibly dead. : : Is there anything that can be done to get his fathers name off the deed? I know under normal circumstances both parents would need to grant their equal interests in the property to the son, but what is done in situations where people go missing like this? : : This is is in CA.... : : thanks, : : Zachary : ============== : Zachary, : As you know, a foreclosure wipes off the title of property the most junior of all equities—the ownership. : People employ a "friendly" foreclosure to cheaply and quickly clear up the ownership on their property by acquiring the ownership of a trust deed that's been signed by ALL owners. Then they just do a judicial foreclosure on it. A judicial foreclosure is almost invisible to foreclosure investors, so they won't be around to bid the deal up to the stratosphere. : Without any bidders the title to the property would go to the beneficiary of the promissory note, which would be the son. : The negative is that Mom would have a foreclosure against her credit record. 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

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