Foreclosure Question

Foreclosures, Short Sales, Tax Foreclosures
1

Hi Gang, Help me help a customer on this one.
1- Father and son on the Deed, full rights to survivor.
2- Father pass’s away
3- Small Mortgage left on home that son doesn’t know about.
4- Home goes into foreclosure and son doesn’t find out until its seen in small town newspaper.
5- Son doesn’t know what to do and the rest of imediate family won’t help because they want the home after foreclosure.
6- Existing Mortgage 7K plus a HELOC of 7K and unknown arrearages.
7- I figure gather all pertinant paper work, Deed, Death cert. Mortgage and go to Mortgage lender to a least buy some time to sell. 1 month remaining.

Any idea’s ???
Thanks, Herbster

2

Find out what it cost’s to just make up the payments, interest and penalties in the rear’s.

I am guessing it could not be more than a couple of thousand dollars!

When you get this paid foreclosure stops and the son can decide what to do with the property!

Good luck,

            GR
3

Herbster,
I would also get signed permission to negotiate on behalf of the son. The bank may not negotiate with you without the deed holders permission.
Sounds like the family is out to lunch.

4

How do you get an authorization from a DEAD person? I am assuming that son isn’t on loan since he didn’t know about the loan… Maybe I am missing something…

I have more info at www.Foreclosure-ShortSales.com

5

Thanks all for some insight. meeting with lender Wednesday. I’ll be bringing the party along and will keep you posted. Thanks, Diver

6

In some other countries, when the borrower passed away all his debt will set to zero, like when the borrower left a mortgage, the immediate family will not assume the obligation of the dead person.

7

Problem now is the credit union will not discuss the mortgage with the property owners because they aren’t on the mortgage. As soon as I get more information from the owners I’m going to talk with the credit unions attorney, he just happens to be my attorney. Owners are not trying to get out of the deceased owners mortgage, they just want more time before foreclosure. Herbster

8

Didn’t you say son had right of survivorship on the deed ?

If that’s the case your deed backed by state law should allow the son as survivor (if deed was done correctly) to handle the affairs for the deceased.

You could file a motion with the court (I assume a judicial state) for a stay of foreclosure and submit an affidavit (statement of facts) supporting your motion.

I would think a reasonable judge would look at situation and grant the motion. But be advised many courts/attorneys are crooked and if there is a ton of equity in the property the bank will most likely try to get the foreclosure done on schedule.

If there were no equity that would be a whole different story. Many properties that are upside down will sit for over a year because as soon as lender forecloses, now it’s their problem.

fyi- I’m not an attorney and don’t dispense legal advice. I handle my own legal matters and have experience, hence the suggestion.

Hope that helps.