Real Estate ?

[Mandelon]

The lender may not have been notified. He bought the house from the seller and will continue to make payments on the outstanding loan.
Is this what a "wraparound" does? The current owner sells it, but doesn't tell the lender. They can change the ownership of the home at the county recorder or not. typically the lender doesn't find out, even if they do. The loan would have a due on sale clause, so if the lender finds out they could call the loan......
I bought a house this way once. The seller split, and I paid him an agreed upon amount. I recorded the house into my name with his Quitclaim deed. I made payment to the bank with cashiers checks, so no name was on them.
It worked for a couple years, until I was refininacing my own house, and the new lender called for a payoff on the rental to verify my credit...ooops. I got a due now notice from them....so had to refi it as well.

[topless]

The lender may not have been notified. He bought the house from the seller and will continue to make payments on the outstanding loan.
Is this what a "wraparound" does? The current owner sells it, but doesn't tell the lender. They can change the ownership of the home at the county recorder or not. typically the lender doesn't find out, even if they do. The loan would have a due on sale clause, so if the lender finds out they could call the loan......
I bought a house this way once. The seller split, and I paid him an agreed upon amount. I recorded the house into my name with his Quitclaim deed. I made payment to the bank with cashiers checks, so no name was on them.
It worked for a couple years, until I was refininacing my own house, and the new lender called for a payoff on the rental to verify my credit...ooops. I got a due now notice from them....so had to refi it as well.That must have been what he did because there were no loan docs, escrow nothing. As a matter of fact, this guy doesn't have anything (except a house now) He couldn't even buy a 4 year old Tahoe from any reputable dealership. He had to go to some place in Pomona where you put a down and have outragous monthly payments. If you are a second late, they come get your car. He bought the Tahoe 3 weeks ago and has those people calling him at work trying to get paid. He'll be walking pretty soon.

[Havasu1986]

The lender may not have been notified. He bought the house from the seller and will continue to make payments on the outstanding loan.
Is this what a "wraparound" does? The current owner sells it, but doesn't tell the lender. They can change the ownership of the home at the county recorder or not. typically the lender doesn't find out, even if they do. The loan would have a due on sale clause, so if the lender finds out they could call the loan......
I bought a house this way once. The seller split, and I paid him an agreed upon amount. I recorded the house into my name with his Quitclaim deed. I made payment to the bank with cashiers checks, so no name was on them.
It worked for a couple years, until I was refininacing my own house, and the new lender called for a payoff on the rental to verify my credit...ooops. I got a due now notice from them....so had to refi it as well.
This is what I did with my ex girlfreind who I bought a townhome with in the early 90's. She moved out and then got married a year later. I quit claimed it to her for some $$$. She couldn't refi because of it was upside down at the time. I thought she had done it, and I was free and clear. Turns out her and her husband stop making payments a year later and the house foreclosed. I found out about when applying for a credit card. Screwed me for 7 years.

[C-2]

Sounds like your employer doesn’t run background checks, eh?
Without writing a fawking book about the possibilities, it’s a scam he’s involved in. He doesn’t own shiat and is nothing more than a caretaker. The original borrower is still on the hook, and has also been scammed, or is in on the scam.
Most likely, nobody is paying on the note and it’s already in or facing foreclosure. Next is a series of BK’s to stall the foreclosure sale, and then another series of BK’s will follow when somebody shows up to evict your guy.
A Quitclaim Deed does not transfer title the same as a Grant Deed at the time of a sale. The person simply disclaims their interest, with no guarantee on title. It transfers title subject to all open loans and liens. A lender will call them on it, but their remedy is foreclosure, which probably already existed.
Your guy was probably barred from filing BK in Vegas, so now he’s doing it here.
Sadly, your employer is up the creek because where there’s smoke, there’s fire. But current employees enjoy exploitable FCRA rights if the employer decides to investigate further, so they probably won’t do anything to avoid the liability of being sued by him for wrongful termination. Document workplace violations then can his arse.

[boatsntoys]

The lender may not have been notified. He bought the house from the seller and will continue to make payments on the outstanding loan.
Is this what a "wraparound" does? The current owner sells it, but doesn't tell the lender. They can change the ownership of the home at the county recorder or not. typically the lender doesn't find out, even if they do. The loan would have a due on sale clause, so if the lender finds out they could call the loan......
I bought a house this way once. The seller split, and I paid him an agreed upon amount. I recorded the house into my name with his Quitclaim deed. I made payment to the bank with cashiers checks, so no name was on them.
It worked for a couple years, until I was refininacing my own house, and the new lender called for a payoff on the rental to verify my credit...ooops. I got a due now notice from them....so had to refi it as well.
A sneaky way to do it is, instead of giving the seller cash and making the payments without telling his bank you bought it. Is to give the seller the money in a second TD. Then foreclose on the second TD. That way the first lender can not call for a pauoff. They have to let the holder of the second keep making the payments on the first, and the house goes into your name and I understand the first can not call the loan.

[boatsntoys]

A sneaky way to do it is, instead of giving the seller cash and making the payments without telling his bank you bought it. Is to give the seller the money in a second TD. Then foreclose on the second TD. That way the first lender can not call for a pauoff. They have to let the holder of the second keep making the payments on the first, and the house goes into your name and I understand the first can not call the loan.
I did it, not intentional once. I bought a 2nd. TD about 10 years ago for investment. The guy quit paying me, so I foreclosed. Rented the house out for 4 or 5 years. The first was well aware I was foreclosing because they were also. I had to cure the first and bring it current to stop their foreclosure and pay the taxes, evict the guy etc. etc. but I got the house and the first never said S--t. Took my checks with my name, even mailed me the tax forms at the end of the year in my name. I made at least 20,...... 30 , 60 and 90 day late payments on the loan. Kept that guys credit bad a few extra years. Never affected my credit at all.

[C-2]

A sneakie way to do it is, instead of giving the seller cash and making the payments without telling his bank you bought it. Is to give the seller the money in a second TD. Then foreclose on the second TD. That way the first lender can not call for a pauoff. They have to let the holder of the second keep making the payments on the first, and the house goes into your name and I understand the first can not call the loan.
Let's see what OC28 Heat has to say about dat...
It's a scam to siphon off money from unsuspecting owners and tenants, otherwise they would just buy the house on better terms.

[boatsntoys]

Let's see what OC28 Heat has to say about dat...
It's a scam to siphon off money from unsuspecting owners and tenants, otherwise they would just buy the house on better terms.
definately a scam

[C-2]

definately a scam
And that's why there is title insurance

[C-2]

True story;
This scammer and his crew forcefully took possession of a REO house overlooking the bluffs in Playa Del Rey – directly across the street from Dr. Jerry Buss (owner of the Lakers). Nice neighborhood with other neighbors similarly situated.
The scammers were thugs, attracted thugs, and also had other elicit businesses (they were also radical, bigoted Muslims who hated whitey and any other non-black race).
But after screwing the banks over for several yeas, these guys had there scam down and were pretty good. In this case, it wasn’t really a scam, just nice digs to help perpetuate their image and attract suckers into their other scams.
We would show up to lock them out, and they always had a new BK filing, a state court TRO against us, or the Sheriff would not show up at all. Eventually the US Postal Inspectors and FBI got involved.
After that, every time we would go to lock them out, the FBI, US Postal Inspectors, LAPD and Sheriff’s Deputies would show up, trying to get their hands on the kingpin. On at least 2 occasions, there was also news media there since this guy also made it a race case. It was a spectacle to see all those LEO cars lined up and down the street.
But we never locked the guys out; they always had some BS document which made everybody nervous enough not to go forward. This went on for 1.5 years.
So one day we got a call from the bank – the property had been sold cash to an unknown buyer. Case closed. So while I was in the area on another case, I stopped by the property and yup, it was empty.
I chatted with one of the silver-spooned punks who said the neighbors got so sick of everything, they grouped together, formed a shell company and bought the house cash. As soon as title cleared, they mad e a few phone calls, and called in a Samoan wrecking crew who went in and literally cleaned the scammers the fawk out in a manner of hours.
The kingpin, a smooth talking, well-dressed man about 60 years old, eventually went to prison for 7 years for BK fraud. But eeee gads – seems it didn’t do any good – I saw his name on another scam a few days ago.