Foreclosure/probate combo - Posted by rm

Posted by E.Eka on October 21, 2003 at 10:00:26:

I read your post, and why would you consider entering into this when the amount owed on the property is more than it’s worth?

Foreclosure/probate combo - Posted by rm

Posted by rm on October 20, 2003 at 21:19:14:

Got a call from personal rep in response to my pre-foreclosure direct mail piece.

Estate is getting 100k insurance proceeds.

168.5k owed on the home.

It’s worth maybe 150 in PERFECT condition, needs 10k in repairs.

Ocwen will not take a DIL.

Home was winterized and locks placed by field svc co for the mortgage co.

In MI, we have a six-month redemption on occupied properties, which shrinks to 30 days if vacant.

If the “owner” gets a tenant into the property on a 12-month lease, would the mortgage company have to comply with the lease?

Just looking for ideas to buy time.

Also, what’s the likelihood a mortgagee will take a short as payment in full if there are assets in the estate?