All Forum Posts by: Dana Sun

PA

HI, first posting on BP.

I just bought a property in a sheriff sale and it was actually a tax sale. 

The previous landlord passed away 3 years ago. The property was purchased with cash that was borrowed from his brother. They put a mortgage of $63,000 on the property. The mortgage has no no payment plan, meaning no interest and no need to pay back until the property is sold.

I paid $50,000 at the sale. I will need to put in $120,000-150,000 to fix it and it will probably can be sold for $300,000-340,000.  I plan to buy and hold it. The rent will probably be around $3000.

My lawyer has tried to reach the brother to get the mortgage released without response. 

Can I do a quiet claim action? My lawyer said I had no case...

I need to clean the title to refinance. 

Any suggestions?