QUESTION

If I "stepped into the shoes" paid the house off because the owner was behind and mortgage and taxes and sue him. Can I keep the house?

Asked on Sep 18th, 2020 on Breach of Contract - Wisconsin
More details to this question:
I paid a house off I cosigned on because the owner did not pay the mortgage and the taxes
Report Abuse

1 ANSWER

Appellate Practice Attorney serving New York, NY
If you buy a mortgage and/or tax liens, you would acquire the rights of the curent mortgagee/lienor and would be able to foreclose on those debts, meaning that you could force the sale of the house to pay them.  If you wanted the house for yourself, you could work out an agreement with the homeowner or you could bid at the foreclosure sale, at which time you would have an advantage since you could bid up to the amounts owed you without having to lay out any actual cash.  For example, if you are owed $100,000 on hte mortgage, you could bid up to $100,000 (leavign aside any fees incurred in the foreclosure process) and could satisfy it by cancelling the mortgage debt, while anyone elswe would actually have to pay it off.
Answered on Sep 18th, 2020 at 8:03 AM

Report Abuse

Ask a Lawyer

Consumers can use this platform to pose legal questions to real lawyers and receive free insights.

Participating legal professionals get the opportunity to speak directly with people who may need their services, as well as enhance their standing in the Lawyers.com community.

0 out of 150 characters