I'm trying to buy a reposessed property at the moment, but it appears that the title still shows the previous owner as owner and not the mortgage company.
I'm hoping this won't hinder my progress (am not having much luck flat buying and really need to move - have been trying for about 9 months) and am wondering if it's just a timing issue.
Thanks or your help.
2006-11-02 04:43:07 · 2 answers · asked by Jennie F 2 in Business & Finance ➔ Renting & Real Estate
I'm trying to buy a reposessed property at the moment, but it appears that the title still shows the previous owner as owner and not the mortgage company.
I'm hoping this won't hinder my progress (am not having much luck flat buying and really need to move - have been trying for about 9 months) and am wondering if it's just a timing issue.
Thanks foranswers so far - I should clarify, though, that I'm in the UK - sorry for not being more specific.
2006-11-02 21:05:56 · update #1
Did the prior owner get foreclosed or are the deeding it back to the bank in lieu of foreclosure? I am assuming they got foreclosed. If that's the case, a Sheriff's deed should be issued transferring title from the prior owner to the bank. Usually this is taken care of by the foreclosure attorneys office. I assume you have a Realtor, so have them start making phone calls. This shouldn't take much time to clear up, but could take quite a while depending on how quickly the law firm gets on the ball. Keep on them.
2006-11-02 04:48:58 · answer #1 · answered by Kathleen M 4 · 0⤊ 0⤋
In this state, if you are foreclosed upon and the property is sold, the Treasurer cannot issue a deed to the Purchaser until the redemption period is up - usually 75 days after the sale. Check with a real estate attorney in the state the property is located in
2006-11-02 12:53:02 · answer #2 · answered by brokenheartsyndrome 4 · 0⤊ 0⤋