All Forum Posts by: Greg Tunes

@Jordan Clayson since you cannot locate the other owner, you’re going to have to go the Quiet Title route.

@Kenneth Garrett I will. Thanks!

@John Mocker thanks for the feedback.

I have acquired three properties in the state of Louisiana. All three properties are gutted to the studs, no utilities and has no mortgage . Are there any Insurance companies that provide insurance for vacant properties such as mine?

What is the difference between buying Subject to financing VS Quit Claim Deed (Quit Claim if you've done your title search homework) from a liability standpoint? 

Are there pros and cons between the two documents (responsible for the mortgage, due on sale clause, etc.)?

Hello, everyone.

A seller called me about selling his property. The property has a mortgage on it. However, the seller hasn’t paid a PENNY on it since 2007. Yes, 2007! Yet, the property is still in the seller’s name.

I asked how is it possible to neglect a mortgage for over a decade and still be on the title. The seller did not know for sure. Instead, he stated he filed a Chapter 7 bankruptcy which the property was included in the bankruptcy.

After checking some court documents, I saw the bank started the foreclosure process in 2009, but did not finished (no one was served).

So, does the seller still own the property? And if so, is the mortgage still valid? 

I do not think so, but this is new to me.

Thanks for the feedback in advance!

Thanks for the reply. I’ll take your advice and talk to an attorney.

Thanks for the feedback, guys. 

My question involves real estate located in the State of Louisiana.

I am talking to a man who wife passed away. The reason I am talking to him is his wife owned a house that she received during their marriage from her aunt after her aunt passed away.

During our conversation, he told me that it’s been 5 years since his wife passed, but the he hasn’t filed any paperwork. Why? He told me the property had title issues. Moreover, he hasn’t been in the house for at least 10 years. So, I told him I’ll do some research on the property.

Well, what I found out was there was a probate/succession done back in 1963. As a result, seven people received interest in the property (1/7 each).

Fast forward to 1998, an owner passed away and that owner’s interest was transferred to a relative (the husband’s wife).

2013, the wife passed away.

As of today, the property is in the husband’s wife’s name and six other people (who the husband states that they all are deceased).

When asked if there are any children (heirs) to the decease owners, he was not sure. He’s an elder guy.

Would a Quiet Title (after the husband acquires 1/7 ownership) help clear this title if there are no other owners alive?

What do I do if I cannot find the lien holder that has recorded mortgage on a property?

Situation:

I am working on purchasing a single family property. However, it was discovered during the title search that a lien (approx. 15k) was filed on the property back in 2002. When searching to contact the company, the company does not seem to exisit.

I have done multilpy searches via Google and the Secretary of State where the company was organized. But, the Secratary of State cannot find any record of this company.

I have asked the heir to the property "does she have any documents with this lien holder?" She stated, "no".

I was told to find out about filing a Quiet Title suit because its been over 15 years and the lien holder has not filed any paperwork suing for compensation. Also, the owner of property has been deceased since 2012. Therefore, the lien could possibly be paid off, but the company has not filed a cancellation document.

I think the property is a good deal; and I am willing to pay for the Quiet Title process. 

However, how do you sue a company that you cannot locate or know who the owner is?

Thanks for reading!