Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I hold the mortgage and am paid. Owner wants me to take it back and wouldn't dispute foreclosure due to lack of payment.
Which is less expensive and less of a hassle for me? I'm thinking quit claim ( and yes, I know what other payments are due, i.e taxes, etc. and that I would be assuming them)
Second question is would the title company we used do the paperwork for this?
I would think a Deed in Lieu of Foreclosure would be what you want. It's a warranty deed that would forego the foreclosure procedure, but still warrants title. An attorney can do a title search and advise you of your rights to collect on any monies lost by taking back the home.
I would also make damned sure I did a thorough inspection of the place before taking it back as well as making sure the buyer was out of the house completely before closing on the transaction.
2. I think the Quit Claim would be the ticket, as long as you do a title search and see if the owner has any other liens on the property.
Our HOA is in dispute with an outfit that placed a lien which affects all unit owners. I am aware of that and am willing to be subject to it. Although the title company usually used has closed one other property with a waiver from the HOA, the process was such a pain and the waiver questionable, as written, that they will no longer work in our community until that lien is settled.
Another title company refused to issue and two sales were lost.
It's more than doubtful that clear title is possible
Our HOA is in dispute with an outfit that placed a lien which affects all unit owners. I am aware of that and am willing to be subject to it. Although the title company usually used has closed one other property with a waiver from the HOA, the process was such a pain and the waiver questionable, as written, that they will no longer work in our community until that lien is settled.
Another title company refused to issue and two sales were lost.
It's more than doubtful that clear title is possible
That is one lien.
Has the owner been hit with a judgement lien?
Mechanic's lien for work done?
Tax lien?
Unpaid condo association fee lien?
Interesting mess with the condo titles.
Good luck!
First of all, make sure that you know all of the encumbrances affecting the title. You can probably pay a title company to do a title search, but I'm not sure that they'd issue you a title insurance policy. What amount would they be insuring?
If you want the property back, the best bet is most likely a Quit Claim Deed. Cheap and simple. Contacting a real estate lawyer to handle it is always a good recommendation. If there are back taxes, a Warranty Deed will probably not work since in Michigan--and likely in many other states--a Warranty Deed can not even be recorded if taxes are owing.
And, as previously noted, make sure to inspect the property beforehand.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
