Newbie seeks help in potential foreclosure

[Louis Piront]

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 

[Jon Baker]

Hello Louis, I am a broke in TX so I am definitely NOT giving legal advice. I would recommend that you write an offer for what you think is the balance. Both you and the POA for seller sign and execute (some states say ratify) the contract ASAP. Deliver contract and earnest money to a title company. The title company will do their title search and also determine the payoff amount (they have to do that for every closing with a loan balance). When they determine the balance, you and the seller amend (with the proper amendment form) the contract to the actual balance and close. I would take this out of the bank's hands as quickly as possible. Best of luck. Have a good 2018.