All Forum Posts by: Ron S.

Well...ok...who is the warranty deed going to be from and to whom? Is it going to be to you? Ok, from whom? Is it going to be from you? Ok, to whom are you going to issue a warranty deed? 

A warranty deed is a promise or guarantee (or both) in a real estate transaction by a seller, to a buyer. What transaction would you create? Are you going to be selling the property? are you going to be buying it? Regardless, there needs to be a real estate transaction where there is a seller and a buyer, where the seller issues a warranty deed that guarantees that the purchase and the sale contain a valid transfer of ownership with no unknown encumbrances or other issues.

No, you can't go back in time and obtain or issue a warranty deed with your dad. No, you can't go back in time and issue or obtain a warranty deed between your dad and that seller. If one didn't exist then, it doesn't exist now and you couldn't issue one now as you have a cloud on title.

 There would not be a warranty deed available in this situation.

It's "Quit Claim", not quick claim. 

You could try the quitclaim route. you might have to grease some hands but that's the fastest and cheapest way out. 

if you didn't get a title report, sounds like you also did not get a title policy or close with title/escrow so, no use filing a title claim but yeah, if your dad had went through title in his purchase, maybe you could file a claim (he could) against title?

You could try quite title action, which is a lawsuit. You will have to prove your claim. That would be the last resort but that usually works when I have to do it and i've had to do it a few times. 

The question you have to answer is, how much do you have invested in this, and will investing more benefit you? Will you prevail in the long run?

Thanks for clarifying its not a foreclosure sale but instead, an REO sale (Which i suspected), which is for all intents and purposes, a regular real estate transaction between a buyer and a seller, which has rules and regulations for each transaction.

So, as a banker that sells REO, i would ask myself what it is you are hiding. I'd ask myself why you are buying a bank owned property to put into your wife's name and why she isn't buying the property to put into her own name. Why aren't you buying it together? What aren't you disclosing that you are married but buying as your sole and separate property, or why isn't she? Why didn't you write the PSA using gift funds or, submit a letter of explanation for why? Your transaction would be suspicious to the point where my compliance group might make me file a S.A.R (Suspicious Activity Report).

I have to fill out an O.F.A.C. report (Office of Foreign Asset Control) on EVERY bank reo sale. I have to list all parties to the transaction. Your transaction is suspicious by nature the way you describe it. I have to adhere to the Bank Secrecy Act and the Anti Money Laundering provisions of the Patriot Act as a bank which requires I document and report transaction activity to try to ferret out money laundering, straw purchases, structuring and so on. And it doesn't matter if its a cash transaction or a financed mortgage transaction.

I'm not saying you are committing fraud. I'm saying your scenario is suspicious. That said, you stated, "I can't take a screenshot and add my wife's name" because they want an actual statement. So, if they allowed you to take a screen shot, you eluded to being able to add her name, which, if that is what you meant, would be fraud if not mortgage fraud. Probably not what you meant though.

Any contact efforts to him to answer your own question? It would defy logic to first pay default. In my world it usually means one of two things, fraud or error. Fraud would probably not be the case so, i'd lean on error. Was his promissory note clear about the first payment? Does he think he mailed it? 

you can probably get a lot of information trying to reach out and if still no contact, do what you have to do.

yeah, daily. Us banks do it so we can make sure you aren't wasting our time. 

By the property and vest in your wife's name. You are making this difficult when it isn't. Hundreds of "Bidders", buy on behalf of an investor/buyer. They aren't putting the property in their name so, go to the auction. Show your funds. Bid. Win. Take title in wife's name.

That said, you are either not informed, or confused or just using the wrong terms? The bank doesn't "Sell" a property they don't own so, did it already go to sale? If its going to sale, there would be no "contract" so, it sounds like you are not buying a foreclosure at foreclosure sale but instead, maybe an REO? Something that already foreclosed and is now bank owned? If that is the case, i would not recommend trying to "add your wife's name to the account" if she's not on the bank account. That's called mortgage fraud, which i'm sure you aren't contemplating. Put the funds in your wife's account and season it so its her funds.

 I can't speak for that bank but, I've never seen a bank NOT call the note in my 30 years of doing foreclosures. People think "Why would the bank care, they are getting their money". They care and they are getting their money either way but calling the note is the cleaner and in many cases, the required way (Required by policy/procedure). They would have audit, exam and compliance issues with having a foreclosed junior, and successor non-obligor behind them. At best, it would be an impaired loan from a risk standpoint on the bank's books.

Just my two cents though.

Joel has some valid points but, if you start talking about foreclosure rescue, you might want to check with the laws of your state regarding licensure requirements as a foreclosure consultant. The penalties can be pretty stiff.

There aren't any insights. An HOA foreclosure is the same as any other foreclosure. Bid and win then pay and then own and then pay more if there is a mortage/heloc on the property.

They (The HOA) aren't the lender so, they have no loa for you to assume. If you bid on the HOA foreclosure, you more than likely bid subject to any existing senior liens (Like a lender). if the property is in North Carolina, NC is NOT a super lien state so, no, a HOA foreclosure will not wipe out the lender unless they recorded behind the HOA meaning, more than likely, you'll bid, win, then get a notice from the lender (Assuming there is a loan) stating to pay them or they'll foreclose (Happens every day). Then, you'll either have to pay the loan off or you'll get wiped out and no, you can't assume the loan. 

and no...you aren't going to be assuming anyone's loan unless its a VA loan and if it was, it would more than likely be accelerated due to the HOA foreclosure. That said, in the one in a million chance existed for you to assume one, no you don't have to be current with no lates for 24 months but, you would have to qualify.