Re: owner finance foreclosure

Posted by Amanda Hancock on October 23, 2002 at 19:51:04:

In Reply to: Re: owner finance foreclosure posted by Jim V on October 23, 2002 at 02:52:29:

I'm in Texas. I don't want the junior lienholder to bid...I want to owner finance the home and I'm wondering if I will have to pay off the 2nd to have a clear title at the end of the contract on the 1st.

: What state is the property in? Foreclosure rules vary by state, and sometimes by county.

: Assuming proper service to junior lienholders, if a foreclosure was to occur and the junior did not bid, they would be wiped from title allowing you to purchase from the "owner-financier" without having to be concerned about junior(home-improvement) loans.

: A little more information would help to provide a more complete answer.

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Comments:
: I'm in Texas.  I don't want the junior lienholder to bid...I want to owner finance the home and I'm wondering if I will have to pay off the 2nd to have a clear title at the end of the contract on the 1st.

: : What state is the property in?  Foreclosure rules vary by state, and sometimes by county.

: : Assuming proper service to junior lienholders, if a foreclosure was to occur and the junior did not bid, they would be wiped from title allowing you to purchase from the "owner-financier" without having to be concerned about junior(home-improvement) loans.

: : A little more information would help to provide a more complete answer.


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