Has the will been probated? The deceased owner may have left it in the will but has ownership transfer taken place? It doesn?t look like it?s worth messing with - $73k liens PLUS back taxes and 2-3 months back payments on a $79k property.
If the estate has been probated and the ?caretaker? now owns the property you could make an offer ?Subject To? negotiating a reduced settlement with the 2nd lien holder (possible by informing them the original owner is deceased and the 1st is foreclosing). Then get an 85% purchase money 1st and pay off the foreclosing 1st or catch up the back payments and taxes and take it over subject to the existing 1st.
IS THERE STILL ENOUGH TIME TO DO SOMETHING? - Posted by jasmin bektas
Posted by jasmin bektas on October 10, 2003 at 21:52:34:
Here is the situation
Owner of the property died 2 month ago and left the property in her will to the person who was taking care of her,but that person can not afford the house.
There is 65k first and 8k second mortgage (second mortgage is about 4 month old)
House was appraised for 79k.
Since owners death no payments have been made on the property and property tax for the month of may hasn`t been paid either.
As far as i was told foreclosure is scheduled on the property in 5 days.
Is this too late now for anything or is there still possibility to do something?
I would greatly appreciate any idea.