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I'm trying to clarify any gray areas that I haven't been able to find an adequate answer for during my research. For instance, say the Notice of Default is posted and the remaining balance is 15,000. If I pay the fifteen with approval from the lender of the distressed property does ownership of that property transfer to me? (Assuming all other liens and taxes have been handled)
No a NOD is just a letter sent by an atty that states they are now pre-foreclosure and is not a pay of by any means. If the current borrowers are willing to sell you the home to keep foreclosure off their credit then have them get a pay off and then draw up a purchase sales agreement between both of you and get a title company to execute the sale between you and the sellers. it will cost you a little more in the long run but the lender will not just give you the property for paying the 15k. The seller has to deliver GOOD DEED in order for you to have this home so the funds must be in the form of a Cashier's check made to the title company at point of sale. I am a mortgage banker in washington & KY
Not necessarily. The title holder likely still has First Right of Redemption and will be notified that they have some period of time to pay what's due before the title is assigned to you. Could be a month, could be a year. Depends on where you live. The lender can give you all the details relevant to the situation.
You'd probably have to make a deal with the lender and current owner first - if there is other equity involved, I doubt you;ll get the whole property just by paying 15000 - If the property is worth 150k, the current owner isn;t just going to give away 135k of equity - he would recoup most of the equity in a foreclosure sale - if he only owes 15000 on a 150,000 property
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The owner would need to agree to sell it to you for the 15k. Just because it is posted in the paper doe snot mean the property is up for grabs.