need help/advice

[cattlepower]

I know of a local home/property that both husband & wife have died within the last year and a half. There is a couple of leins on it from different banks. The siblings just want it over and done with and can't afford the amount of debt still owed on it. I'm not sure who I need to contact to try and see if the banks will work out a deal to sell it and cut their losses just to get it off their books. I don't know what banks have the leins and the siblings aren't much help.

 

[HerefordSire]

Go to the court house in the county seat of the property and locate the lienholder(s). Provide that information and I could probably help your further.

 

[1982vett]

Try contacting the attourney handling probate and work with him.

 

[eric]

You probaly need to do this pretty quick. If the property is worth anything, then the folks who do know how to do this have probably already contacted the siblings and made an offer. Doubtful that the bank just wants to get rid of the property at even a small loss, as they arent in business to lose money, but that all depends on what kind of comps and/or if there has been any land sold around the area lately. Good luck and you'd better be at the courthouse first thing in the morning. There will someone there to show you how to look things up.

 

[Jogeephus]

I'd first find out who is authorized to handle the estate. If it requires all the children to sign any sales contract or conduct business I'd just walk away now or at teh most wait until the smoke settles cause there is always an idiot in the bunch.

 

[ga. prime]

I'd first find out who is authorized to handle the estate. If it requires all the children to sign any sales contract or conduct business I'd just walk away now or at teh most wait until the smoke settles cause there is always an idiot in the bunch.

:lol2: So true. Many times more than one.

 

[[Bez]]

All good advice above - but time is the enemy

You can do it all within a few minutes if you get off the computer and head to town

Cheers

[Bez]

 

[grannysoo]

Doubtful that the bank just wants to get rid of the property at even a small loss, as they arent in business to lose money

In todays banking market, most would be happy to get rid of the property at a "small" loss, in order to get off their books. There's going to blood in the streets within the next year or so in the banking world.

 

[ga. prime]

Doubtful that the bank just wants to get rid of the property at even a small loss, as they arent in business to lose money

In todays banking market, most would be happy to get rid of the property at a "small" loss, in order to get off their books. There's going to blood in the streets within the next year or so in the banking world.

From my experience at working at a bank and doing foreclosures. Most of the time I would say at least 80% there is not enough equity in the home to warrant foreclosing on it. Often times if the bank does that they lose more money than the house is actually worth.

If the bank hadn't loaned out more than the house was actually worth in the first place this would not be the case as described.

 

[TexasBred]

I know of a local home/property that both husband & wife have died within the last year and a half. There is a couple of leins on it from different banks. The siblings just want it over and done with and can't afford the amount of debt still owed on it. I'm not sure who I need to contact to try and see if the banks will work out a deal to sell it and cut their losses just to get it off their books. I don't know what banks have the leins and the siblings aren't much help.

What state are you located in?? Laws vary from state to state on the proper process for foreclosing, etc. and what the lender can and can't do. Depending on the circustances you may want to try and buy it BEFORE it gets to that point OR you may want to allow the lender to foreclose and then deal with them. There are many options and time "May" actually be on your side.

 

[ga. prime]

Nope,
You are incorrect. They give what the house is worth via the appraisal value at given time. It may have been worth 500,000 back then but today it is worth 200,000 and trashed all to he77. It would not be worth depending on the fees that the foreclosure attorneys charge, and the condition of the home they may or may not foreclose. Sometimes if the person is a real a hole they will foreclose on em just cuz they can.

Right, the mortgage lender loans the appraisal value less a down payment. Until recently, in most urban areas of the country appraisal values were morbidly out of line with a home's true worth and the homes were sold to people with no possible means to pay the mortgage off. Home builders and developers and democrats were loving every minute of it. Also party to the love fest were many of the mortgage writers whose modus operandi was to bundle up a mess of risky mortgages and sell them to Manhatten Chase or somebody like that. Now, we're finding out what these multi hundred thousand dollar homes are really worth- far less than the original loan value. Whether the home has been trashed or not in the interem between initiation of the loan and foreclosure on the loan is just an additional loss to the holder of the mortgage as the case may be.

 

[dun]

The mortgage company will always get the last laugh more often than not.

They might get the last laugh but the American tax payer has gotten stuck with the bill

 

[ga. prime]

The mortgage company will always get the last laugh more often than not.

They might get the last laugh but the American tax payer has gotten stuck with the bill

Exactly. Resulting from FDIC bank failures and bailouts.

 

[TheBullLady]

I don't understand what you mean about the siblings not being much help. If they are interested in cutting their losses on the property, why wouldn't they reveal who the lien holders are? And why are their more than one? If there's a second lien on the property, it may well be overvalued, especially in today's market.

You can usually find the lienholder information from the deed, which would have been filed when the property was purchased. You'll need to know when that was.. or your can search at the courthouse for the name.

The problem you may run across is that the lien holder may not talk with you about the details, as you really don't have any right to know, unless the property owner gives permission for them to talk with you. So it's going to do you more good to see if you can work something out with the siblings.

See if the estate has been settled. If it's been that long, it may be that the owners didn't have a will, and they are settling it through probate. But either way, you'll have to work with whomever the heir(s) turn out to be.