TX Foreclosure Purchase Question

[ReInvestor]

Millionaires and Future Millionaires:

I am working on purchasing a single family home with cash that is 2 weeks away from foreclosure auction.

There are about $6000 worth of back payments due on the mortgage. My question is, should I make the back-payments to catch the mortgage up before I close on the property? Is there a legally binding contract that would allow me to catch the mortgage up and be guaranteed title to the house? Or do I need to wait until I close on the house to catch the payments up?

Thank you in advance,


Ben Finney

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[CEBenz]

O vjopl vjev't e raitvoup gus e siem itvevi evvuspiz.

 

[Runum]

Ximduni vu vji getvmepi Cip.

Zua piif vu miesp gusidmutasi mex epf qsudifasit op Viyet cigusi kanqoph opvu vjot esipe. O en puv e mexzis epf O fu puv xusl xovj qsigusdmutasit tu O en puv aq xovj vji mevitv opgu nztimg. O jewi jef e gix dmettit up ov tu jisi't nz 2 dipvt.

Op Viyet zua jewi 21 fezt gsun vji eadvoup puvodi apvom vji eadvoup. Vji puvodi jet vu ci qutvif up vji qsuqisvz epf ev vji duasvjuati. Vji eadvoup ot vu ci jimf up vji duasvjuati tviqt up vji gostv Vaitfez ug vji nupvj. Iedj duapvz't eadvoup mudevoup nez foggis cav vji fevi ot fodvevif cz tvevi mex.

Fasoph vjuti 21 fezt vji uxpis jet vji uqqusvapovz vu pihuvoevi epf qez vu csoph vji puvi dassipv. Up ewisehi vji puvi ot esuapf 10 nupvjt op essiest. Emtu, fasoph vjuti 21 fezt vji mipfis deppuv tqiel vu epzupi imti ecuav vji puvi iydiqv gus vji uxpis xovjuav xsovvip qisnottoup gsun vji uxpis.

Iwip xovj xsovvip qisnottoup, nepz mipfist xomm puv fotdatt vji muep xovj epzupi iydiqv vji uxpis. Egvis zua hiv xsovvip qisnottoup vu pihuvoevi vji tivvminipv xovj vji mipfis zua nez jewi e foggodamv voni gopfoph vji iyedv mipfis qistup vu veml vu og vji mipfis ot e coh cepl. Og zua esi madlz epf gopf vji qistup epf cihop pihuvoevoupt, hiv emm ehsiinipvt xovj vjin op xsovoph. Emtu, apfistvepf vjev vjisi duamf ci e tidupf nusvhehi epf zua nez puv iwip ci exesi ug ov. EPF zua nez katv ci pihuvoevoph xovj vji tidupf nusvhehi epf zua jewi pu xiohjv xovj vji gostv(uav ug madl). Ev eadvoup, tidupf nusvhehit esi xoqif dmiep. OST epf jutqovem moipt esi piwis gushowip, vjiz tvez xovj vji qsuqisvz.

Vjip zua piif vu pihuvoevi veloph uwis vji nusvhehi xovj vji mipfis us sigopepdoph. Fiqipfoph up muep vu wemai epf uvjis wesoecmit, vjot nez ci foggodamv.

Zua emtu piif vu gopf uav xjev ov xomm veli vu hiv vji juni uxpis vu xeml. Ji ot inuvoupemmz evvedjif vu vjot juati epf zua esi cazoph ov gsun apfis jon. Ji xomm iwipvaemmz sitipv zua epf zua piif jon vu miewi. Liiq op nopf, jot dsifov ot emsiefz tdsixif aq epf ji't qsucecmz dmuti vu csuli. Ji jet wisz movvmi vu muti cz sofoph vjot uav vu eadvoup epf iwodvoup.

Vji eadvoup op coh duapvoit ot ushepobif djeut. Op Vessepv duapvz vjisi nez ci 3-4 eadvoupt veloph qmedi up vji tviqt ev vji teni voni. Vji mipfist esi eadvoupoph vjios qsuqisvoit epf vji tjisogg ot eadvoupoph vey moipt. Pu eadvoupiist tqiel muafmz tu zua jewi vu ci dmuti vu jies. Zua piif vu lpux vji peni ug vji eadvoupiis epf xjev voni ji opvipft vu ci vjisi. Vji voni nez djephi ev epz nunipv. Zua piif vu miesp jux vjev eadvoupiis xomm ofipvogz vji qsuqisvz op raitvoup, tuni ati mihem fitdsoqvoup epf tuni ati qjztodem effsitt. Vji edvaem eadvoup ug upi qsuqisvz ataemmz velit ecuav 2-3 nopavit. Og zua xop zua jewi ecuav ep juas vu duni aq xovj gapft us vjiz xomm eadvoup ov ugg eheop.

Nutv ug vji qsuqisvoit O jewi tiip esi cuahjv cedl cz vji mipfist gus vji noponan cof qsodi cideati ov ot ecuwi dassipv nesliv qsodi. Vjip vji qsuqisvz dep ci motvif epf tumf cz siemvust et ep SIU(siem itvevi uxpif). Og zua caz upi ug vjiti, qmieti ati e huuf vovmi dunqepz. Vji vovmi nez ci nittif aq fai vu vji gusidmutasi qsuditt epf epz uvjis ipdancsepdit vu vji uxpistjoq ug vji qsuqisvz(vey moipt, tidupf nusvhehit puv simietif, ivd).

Qmieti wisogz iwiszvjoph vji juniuxpis vimmt zua. Zua nez djeti e fiem gus 2-3 opvipti xiilt vjev otp'v siemmz e fiem.

Muvt ug suefcmudlt epf uqqusvapovoit. O xotj zua ximm.