Legal Question in Real Estate Law in New Hampshire

Pre-foreclosures

I've encountered a couple companys stating for around $199 they can get me into a house (1 I pick from there list) by just taking over the mortgage payment via a ''Quick Deed'' from the owner. I need no credit and they will get me the title within 72 hours. I just pay the rest of the mortgage thats due each month and the house is mine. Is this a scam or what?


Asked on 4/01/08, 9:33 pm

2 Answers from Attorneys

Re: Pre-foreclosures

It is a form of credit fraud since the original owner fo the property is still liable for the Mortgage if you default, and the Lender has the right to foreclose on you even if you are making all of the Mortgage Payments on time since, when the property changes hands, the mortgage MUST be refinanced in the name of the new owner, and failure to do so breaches the terms of the Mortgage and triggers a foreclosure.

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Answered on 4/01/08, 9:45 pm
Bruce L. Dorner Dorner Law Office

Re: Pre-foreclosures

More likely than not, you are correct in your analysis. If it looks too good, it probably is! You did not say that they will get you "ownership." Only that they will get you into a house. I would urge that you hire an attorney to review all of the documents if you intend to follow this path.

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Answered on 4/02/08, 9:32 am


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