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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Where's the beef?? Posted by Ward-CA- on August 13, 2003 at 9:57 PM In Reply to: Warranty Deed posted by Mario on August 13, 2003 at 12:27 AM : Hi!! : I have a deal where the seller owes $154K on a property valued at $157K. he owes $4,400 in payments, and foreclosure will start. I have a lease option buyer with $5,000 down. $1,250 a month for this property. Question is...If I do a Warranty Deed. Does the warranty deed stay in my name and the sellers since she still has a mortgage? He wants to simply bail out of foreclosure. Or can he just grant it to my name only and what happens to the bank who holds the lien as long as I am continuing to make the payments? Thanks!!! =-=-=-=-=-=-=-=-=-=- Mario, I’m sorry to tell you this, but this deal sucks. Where’s the equity? The loan balance totals more than the value of the property! When you deed the property to someone else, the title of the property will vest in the name of that buyer and you’ll be out of the picture. If the previous owner allows someone to take title to the property subject to the existing loan remaining, then their credit record will be affected, positively or negatively, by the subsequent promptness of the payments made on the loan that’s still in their name. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi!! : : I have a deal where the seller owes $154K on a property valued at $157K. he owes $4,400 in payments, and foreclosure will start. I have a lease option buyer with $5,000 down. $1,250 a month for this property. Question is...If I do a Warranty Deed. Does the warranty deed stay in my name and the sellers since she still has a mortgage? He wants to simply bail out of foreclosure. Or can he just grant it to my name only and what happens to the bank who holds the lien as long as I am continuing to make the payments? Thanks!!! : =-=-=-=-=-=-=-=-=-=- : Mario, : I’m sorry to tell you this, but this deal sucks. Where’s the equity? The loan balance totals more than the value of the property! : When you deed the property to someone else, the title of the property will vest in the name of that buyer and you’ll be out of the picture. : If the previous owner allows someone to take title to the property subject to the existing loan remaining, then their credit record will be affected, positively or negatively, by the subsequent promptness of the payments made on the loan that’s still in their name. : Hope this helps. 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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