Legal Question in Real Estate Law in Texas

forclosure

I am looking at buying a pre-forclosure from owner before auction. Is it possible to pay outstanding balance to bring property current and out of forclosure and then have title signed over to me. Some sort of Deed of Release? or what would be your suggestion on how I could take ownership without going through an actual sale.

Thanks

Thank you


Asked on 5/29/09, 8:55 pm

1 Answer from Attorneys

Re: forclosure

If the person deeds the property to you, then they would violate their due on sale clause with the mortgage company. The mortgage company could then call the note due immediately. Also, the note would still be in the person's name. Is there some reason you don't want to do a traditional sale?

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Answered on 5/29/09, 9:20 pm


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