All Forum Posts by: Tony Ferrara

Thanks for the quick replies, 

The closing agent just sent me the city inspection report (which is required for tax transfer purposes) and it  says that the property is "VACANT" so I'm going to ask my lawyer if this document is enough evidence to prove that when I took possession the property was unoccupied just in case a problem arises in the future.  

Happy Friday everyone!

So I'm finally closing on an REO property this Monday, the bank is selling it as an occupied property, the deed will be recorded under my name on Monday according to the closing agent. This is a Freddie Mac property.

I found out yesterday that the owners moved out of the place last week so the home is now empty.

My question is:

I’m I still required to fill an eviction order even though the former owners have moved out?

Thanks!

Hello everyone I'm so glad I found this website!

My wife and I have saved a substantial amount of money and ready to start investing in real estate, we are looking to do a cash purchase deal on a home or two flat and use as a rental or potential flip. 

The potential problem: We purchased our current home with a primary and secondary mortgage in 2008, our home is now underwater significantly and a couple of years ago we decided to stop paying the second mortgage. The second mortgage shows off as a charge off in our records but the second mortgage never took further auction such as foreclosure or did a judgment against us. 

The question that we have is: when we close on our new investment home (cash purchase), would the closing title company automatically attach the charge off to the new property? 

I have read this website but have not found a clear answer, from what I understand is that Liens and Judgments on a person do attached to any new purchased property by that person but what about charge offs? this charge off does not appear in the record of deeds because the mortgage company has not foreclose on it. 

Thanks!