InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Wisconsin quit claim subject to 1st lien; BK Posted by jason on August 04, 2003 at 8:18 PM I am interested obtaining a quit claim from a defaulted borrower in foreclosure in exchange for paying owner a few grand for a portion of his equity. 120k value; minus 80k 1st payoff minus 5k back taxes I do not intend to payoff lender, but simply reinstate, and then market the property myself. My concerns: 1. how do I make sure the lender will not foreclose based on the "due on sale" clause? 2. How do I make sure the BK trustee is still not in control of the property, and that the owner is free to transfer title? 3. What possible capitol gains ramifications would be imposed on myself, and the seller? 4. Does anyone have a net equity worksheet they can email me? Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : I am interested obtaining a quit claim from a defaulted borrower in foreclosure in exchange for paying owner a few grand for a portion of his equity. 120k value; minus 80k 1st payoff minus 5k back taxes : I do not intend to payoff lender, but simply reinstate, and then market the property myself. : My concerns: 1. how do I make sure the lender will not foreclose based on the "due on sale" clause? : 2. How do I make sure the BK trustee is still not in control of the property, and that the owner is free to transfer title? : 3. What possible capitol gains ramifications would be imposed on myself, and the seller? : 4. Does anyone have a net equity worksheet they can email me? 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 © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

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