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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Friendly foreclosure Posted by zachary on April 27, 2003 at 10:43 AM In Reply to: Friendly foreclosure posted by Ward-CA- on April 27, 2003 at 10:12 AM : : 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. ____________________________________________________ Ward, thanks for the reply! 2 quick questions: If there is only a first and it is paid current and has been the entire life of the loan, then how are they going to be able to aquire that trust deed? Also I guess I need to look into judicial foreclosures more...but is there no auction set for this? thanks, Zachary Follow Ups: 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. : ____________________________________________________ : Ward, : thanks for the reply! : 2 quick questions: : If there is only a first and it is paid current and has been the entire life of the loan, then how are they going to be able to aquire that trust deed? : Also I guess I need to look into judicial foreclosures more...but is there no auction set for this? : thanks, : Zachary 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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