04/26/2008Can you really find and buy a forecloseure and or REO home for very little $ in NJ ?
- I see these adds, and some people say they are doing it. They say you can get a REO or forclosure home for very cheap? Also I was told that you can contact the owner of a home into forclosure and pay up the back owed money to get them current and you then can get them off the deed listing and you get on it,,, this saves them a foreclosure and you get the home with instant equity???? can this be true?? I am intersted?? I am in NJ
- Best Answer:part of what they say is accurate, part false.
cheap is a value judgment.
getting them off the deed is not going to happen
unless you mislead them. NO property
owner who has a mortgage should EVER
be willing to exchange names [get off the title]
while he owes on a mortgage. Why?
simple. A note [mortgage] is a lien
against a property. The property ownership
is identified by a deed. If one agrees to
be removed from the deed, one winds
up with no benefit. This was offered to me
a few years ago and I asked the broker
"where is my protection?" He just
said, "this is how we do it."
lenders will not "swap" obligees names
without being qualified.
---check with your county regarding
TAX foreclosure sales that occur
once annually; usually in FEB. If they do not
have those, then they have tax CERTIFICATES
auctions.
YOU can get properties there with
no mortgage obligations!