There is a first for $160k and the house is worth $220k.
I spent $5,600 at auction on the HOA.
I bought it planning on paying off the first.
Deed is en route to me.
My title company wont talk to me about it. They don’t insure HOA foreclosures, which I knew.
Although they did say that if I owned it for 6 months to a year and no one came out of the woodwork -that they would talk to me then about insurance.
I found out that the person on the deed died a year ago.
The first is not in default.(which is strange to me)
I cannot find a reconveyance for it.
Last April the DOT was assigned to US Bank Home Mortgage and the owners signature was not on the document(because he is dead?)
What I believe happened is that his son inherited the property and has been paying the note while he figures out what to do with it.
the house has been for sale since 2009 until last January as a conventional sale.
The listing was removed in January and the power and water shut off and the liens began piling up.
I cant figure out who has been paying the mortgage since the guy died.
I am in the business of flipping houses not so much renting them out.
Do I hire a lawyer and start a quiet title action so I can sell the property soon?
Do I contact the US Bank after I record the deed and find out info on the DOT and pay it off?
Can I negotiate with the bank for a lower payoff?
If I let the first go to auction and buy it, will that wreck my credit?(it is vested in an LLC)
Can I sell the property quickly and just pay the 1st DOT through escrow?
would a title company insure that at the sale?
Does anyone buy properties without getting title insurance?(I know I do all the time, but that’s at auction)
Are there any weird laws about what happens when a homeowner dies who owes money to a mortgage?(county records show nothing pertaining to his death or probate)
Is there some chance that the DOT has been paid and not recorded properly?
Should I just rent it out for a year or two and let the dust settle?
(I sure wouldn’t want some disgruntled Son who inherited it showing up at the door with renters in it)
Any help on this would be greatly appreciated.
I’ve been flipping auction houses for 2 years with a great success rate but am new to this HOA foreclosure thing.