The previous deal is NOT dead.  Get this the attorney that is controlling the estate did not know of the judgment on the trust b/c it was filed the exact day that the trust was created.  The attorney called CountryWide and convinced them to release the judgment on the deceased owner and re-file against the trust, and they agreed.  The paperwork has been completed and now we are waiting on the Judge to sign it.  Can't count our chickens before they hatch but this looks like it is a go!

Today I learned what a judgement IN REM vs a judgement IN Personam meant.  Basically, a judgement in REM means that there is a judgement that is attached to the property.  A judgement in Personam means that there is a judgement attached to the person.  This is what happened.  House under contract that was in a trust.  The former owner of this house owned another property which had been foreclosed on.  Unfortunately, Countrywide put a judgement in Personam meaning that the judgement is attached to the person and needs to be paid out from any money that comes out of the trust.  So in essense the judgement from the foreclosure is against the person not the property which seems weird to me.  So if you own multiple properties and you let one property go into foreclosure somehow under certain circumstances the bank can put a judgement against every property and/or any assests that you own not just the one that you stopped paying the mortgage on.  Unfortunately this challenge will probably cost us the $2997 Assignment fee, b/c we were suppose to close on this property today.  I think this topic deserves more discussion.  If anybody knows more about how this happens please enlighten us. www.IndyCashFlowExpert.com