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[paradiselizzi]

What is the name of your state? Arizona
I attended a seminar over a year ago on real estate investment. In the seminar the speaker said that if you came across a deal where someone was about to lose their home and after running comps and doing your research you find their house is not a good investment (ie: the houses are comping out less than they owe on the home, etc.) you really like the owner and feel sorry for them, rather than simply walk away you can advise them to take the following step. Also he said it would be the least expensive for them and would not affect their credit. Is this true:

Tell them to (after they have gracefully moved from the house and left it in good sellable condition) sign their title/deed over to the bank (that holds the mortgage) with notary witness. Mail that title to the bank, registered mail that requires a returned signature (for your records). He said once the bank signs for the envelope it's considered an automatic acceptance of the deed.

Is this true? If not what would be a close scenerio?

Thanks, Liz.What is the name of your state? ArizonaWhat is the name of your state?

 

[seniorjudge]

What is the name of your state? Arizona
I attended a seminar over a year ago on real estate investment. In the seminar the speaker said that if you came across a deal where someone was about to lose their home and after running comps and doing your research you find their house is not a good investment (ie: the houses are comping out less than they owe on the home, etc.) you really like the owner and feel sorry for them, rather than simply walk away you can advise them to take the following step. Also he said it would be the least expensive for them and would not affect their credit. Is this true:

Tell them to (after they have gracefully moved from the house and left it in good sellable condition) sign their title/deed over to the bank (that holds the mortgage) with notary witness. Mail that title to the bank, registered mail that requires a returned signature (for your records). He said once the bank signs for the envelope it's considered an automatic acceptance of the deed.

Is this true? If not what would be a close scenerio?

Thanks, Liz.What is the name of your state? ArizonaWhat is the name of your state?

I hope you did not pay any money for that seminar.