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?