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If I should buy the place. If I would get skrewed, if I do. I do have a plan but getting a second opinion is never a bad idea. If **** hits the wall, and Adam A. goes to jail for frauds, I don't want it to seem as if I were a part of it. Keeping in mind, I do not know Adam A. Overall I just wanna know if the loan will go in my name if I purchase the house
Or I can stick around, sue the debt collector and have them prove that the loan is not mine (me being Charlie C.) and walk away with a 500,000 house for pennies
Ummmm...no. The bank who owns the lien (mortgage) will foreclose on whoever owns it. Who is on the mortgage doesn't matter, who is on the deed doesn't matter.
The house is collateral for the loan, so if no one pays the loan, the bank takes the house.
I admit this story has my head spinning. It is an example as to why I avoid being overly "slick" or cute when doing financial transactions. They are way too likely to bite you in the butt!
Assuming you need a mortgage you can be reasonably sure that your lender will ALSO
do their due diligence and KNOW that the title is not encumbered by other/unknown liens.
Before you get into a lot of processing fees and appraisal costs though...
and especially in light of the soap opera previouly described...
be sure to do your due diligence on title and encumbrances.
Quote:
Overall I just wanna know if the loan will go in my name if I purchase the house
Ummmm...no. The bank who owns the lien (mortgage) will foreclose on whoever owns it. Who is on the mortgage doesn't matter, who is on the deed doesn't matter.
The house is collateral for the loan, so if no one pays the loan, the bank takes the house.
Everyone looses except the bank.
^^^ yep, that's true.
The loan would go in your name if you're applying for it, but you're not going to get a loan from a bank if there is a lien on the house..
C buys house for cash because it is only pennies. Lender never gets paid and continues foreclosure process. House goes to bank auction but because it was over priced , no one bids and it becomes the banks REO. Bank tells c to leave. C sues bank. Bank evictes c. C gets eviction on credit report.
Unless assumed the bank can't put c on loan.
I'm curious did b make any money or just live there rent free?
B might be able to short sale it to C before it becomes foreclosed. You can contact a title company to see about title and loan.
Or I can stick around, sue the debt collector and have them prove that the loan is not mine (me being Charlie C.) and walk away with a 500,000 house for pennies
They can't prove the loan is yours...can you prove the house is yours?
Quote:
Originally Posted by mo3gunz
If I should buy the place. If I would get skrewed, if I do. I do have a plan but getting a second opinion is never a bad idea. If **** hits the wall, and Adam A. goes to jail for frauds, I don't want it to seem as if I were a part of it. Keeping in mind, I do not know Adam A. Overall I just wanna know if the loan will go in my name if I purchase the house
I just don't see how you get clear title. Do you see how you get clear title? I do see how someone might think yore involved in a fraudulent attempt to "walk away with a $500000 house for pennies". And if things go south don't think that not knowing A is a great defense. You know B and B knows A. I can't say the outcome but I can say I wouldn't be involved. W
Also, if you have an attorney, why are you asking the internet?
This is the kind of nonsense that goes on when one bank is the "originator", another is the "servicer", yet another is the "trustee" for the "certificate-holders" and then MERS (Mortgage Electronic Registration Systems) is listed on the Deed of Trust "solely as nominee".
This is securies fraud and consumer fraud and RICO fraud. It will bring this country down, as it almost did in 2008. Next time will be the clincher.
Pennies - really unlikely scenario but you might get a good buy, assuming the house is in decent condition and assuming the bank lets you buy pre-foreclosure and assuming the bank doesn't let it sit empty for months and months, deteriorating all the while or having squatters move in and then you have the issue of how to get squatters out and... and ....
Pennies - really unlikely scenario but you might get a good buy, assuming the house is in decent condition and assuming the bank lets you buy pre-foreclosure and assuming the bank doesn't let it sit empty for months and months, deteriorating all the while or having squatters move in and then you have the issue of how to get squatters out and... and ....
Good luck to you.
Unless he is the squatter
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^^^ yep, that's true. 
