Originally posted by Jon Holdman:
Oh no! If they don't have any ownership, the quit claim is meaningless. Your brother should be able to pay for the title insurance himself. A title search may be in his best interest. The foreclosure process SHOULD clear all prior liens. But if the transfer from the bank to this group wasn't done properly, him could end up with nothing.
This is a bit scary. I've seen several of these groups recently. They say "give us , and we'll get you into a property, lease it, manage it, etc..." These seemed like a situation where the company made money at every step of the way, and the buyer was left with a marginal deal. Sounds like the outcome may not even be that good.
yes, but if my brother has invested money into the house, he has a LIEN position also, regardless. you cant just put money into a house and tell you to boot like that. MOST people dont know that and would leave, but im instructing him if he doenst get a title, to lien up the property and cloud the title FOR REAL.
