Foreclosures
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 7 years ago,
Newbie seeks help in potential foreclosure
Hi BP folks,
Info :
Location : Florida
House price : - 40% ARV
House been remodel 18 months ago
Here's the fact. An old man that I know well who was living a block away from where I've purchased my first property had a heart problem a year ago and was forced to move 3 hours north in an assisted living community to be close to his daughter.
Her daughter (that I'm also familiar with) have power of attorney for her father. As he'll not be able to live alone again, she agree to sell me the house for what is left on the mortgage (-+$120K) but the bank refuse to communicate the exact amount left on the house as it's not in her name. Other fact, the monthly payments been stop since September.
From there, I think it went into foreclosure, but she came back to me telling we still can do it if I'm willing to pay the late fee, but once again, she stop giving news.
A couple days ago, my banker told me that the house might maybe not be repossessed as the man had a health problem.
So, do you think that something can still be done? , I know that the daughter need to be directed. What would you guys think?
Thanks in advance
Best regards
Louis P.Piront