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Posted by Irwin on June 18, 2005 at 13:59:26:
In Reply to: michigan foreclosure posted by t-rel on June 17, 2005 at 15:25:32:
The simple solution, on paper at least, is to offer the 1st mortgage holder (lender) $39,900 with them giving you a title insurance policy in that amount. That way you don't have to be your own lawyer to determine if all the liens have been removed. If the lender is a local bank or S&L you might be able to do deal directly with the REO department. More likely though, it's a national lender who either markets their REOs using local realtors, or they transfer the property to a loan insuror like HUD, VA, Fannie Mae or Freddie Mac, each of which has their own method of selling REOs. Whoever you deal with, if you buy it be sure to get title insurance.
. : I have an opportunity to buy a house that was foreclosed on in the state of michigan last week. 1st mortgage took it back at sherrif sale for 39,900. 2 junior liens are/were attached to the property. Do they still have a claim to the property which is vacant? Or can I buy it from the 1st for 39,900, I've also had the seller deed me the property. Thanks in advance.
