I have a problem and not sure how to handle it. The owner is passed away two months ago. The family has decided to let the house forclose. After investigating I found that there is a tax lien for under $600 and a mortgage for 81,000 that was done in 2003. How can I take advantage and get this property? The house market value is 67,000. HELP>>>> Can I get the family to sign over the title, I pay the taxes and the mortgage dissapears???
Who is foreclosing? If it is the County for taxes, only the sale will wipe out the mortgage and the lender will probably step in and pay the taxes before this happens. If it is the mortgage company foreclosing about the only way to get a deal is to do a short sale with them and the estate of the deceased and the heirs probably do not have the estate in order. You may be able to do an affidavit of heirship if the estate is simple and you have two close friends or distant relatives of the deceased who will attest to the affairs and heirs. It can get complicated and I suggest a good attorney or title company who can do this for you. I personally would try to find an easier deal to work.
Have you been in contact with any of the family members? If not maybe you could talk to the neighbors to see if there is family close by. Then get a hold of them and work it out with them.
Thanks for the response. I am fairly close to the family (step-family). The mortgage company is foreclosing on the house. I was thinking there was some type of loophole that would allow me to get around the mortgage part. The mortgage is more than than the value of the home. I’ll let the pro’s find this deal, It is way too complicated for me as a beginner to get involved.
Good move MsFlinvstr.
Don’t ever put yourself in a position to have to correct someone else’s mistake or problem while heaping problems upon yourself. If you can help someone and help yourself at the same time, fine - go for it, but it sounds like this deal is already upside down from the get-go. I’d pass too !! Save your generous nature (and money) for the next money maker so you’ll be around to do it again !! ;D