If he is open to seller financing you can do a SubTo if there is still an existing mortgage, plus give him the down payment if you have one, then he can take payments on the remainder of the equity ( sometimes called a SubTail).If he is interested in this then you can set it up through title and escrow.The Pros for him are that: 1.

Leaving out auction and foreclosure costs for a second, when you write that check for $220k the trustee is going to pay BigBadBank the $175k they are owed first, then he's going to pay LittleBadBank the remaining $45k, and you will get a clean title as the process is going to wipe the slate clean.

He may be actually speaking about a "Wrap".Find out if actual ownership converts to youMake sure you have a title reportYou may want to pay for an appraisal and an inspectionMake sure you use an escrow company or an attorney to do the transaction Hi Ken!

@Daron Williams before you try and sell your lot you need to know that you may have to wait 2 years before getting a title policy. 

Hopefully your lawyer also mentioned insurance- title and hazard.A quitclaim deed transfer can hurt your title chain and title insurance. 

Once I submitted everything to the title company to complete the transaction, I learned that the seller had not gone through the proper processes when she inherited the house.

LOL.. but I understand Title and Escrow pretty darn well and title insurance and so on and so forth..

For example, they have not sent us the rent they owned us for the last three months, and here is paperwork to show it is not in our account, here is the contract with them stating they would pay on this day each month, and here is the title of the house in my LLC/name to show you we own the property too.

Hey Patrick, You can easily do a 1st mortgage refinance or 2nd HELOAN DSCR Cash out while keeping title to your property held in an S-Corp.

The current owner bought it for $30K and I know they had to clean up a lot of title work and started doing repairs.