I suspect that the claimants against the broke mortgage company will be glad to have this guy take ownership of the house and then they will expect him to pay the $330,000 into the pool to settle the debts of the company. He may not find that so much to his liking, but he may find that is his legal obligation.
Search tax lien properties. A lot of people are forced out of less than desirable properties because they can’t afford the taxes. No one buys up the properties so anyone can come in after a year of default and take over the property just by paying the back taxes. This is only unique in that the mortgager went out of business at the same time so no one noticed it. This guy did. He’s probably within the law. Actually, pretty smart.
I’m no financial or real estate genius but my understanding is if he pays the back taxes it’s his. You have to put in a claim and then wait a yr. Don’t know TX law but this is available in OK and CA.
Nope...won’t happen. He followed due process .
Done deal in Texas.
Seen this done many times on all kinds of property including vehicles etc...