Borrower has passed away

[Zachary Taylor]

Here is the scoop:

• BPO is $35K
• The borrower has passed away and a relative is now living in the house.
• No payments have been made on the note since March 2016.
• City and County back-taxes amount to $1,110 and property taxes of $600. Taxes have not been paid in about 2 years. Tax lien auction will occur next year if nothing is done.
• $3,500 listed in judgements and liens on the title

Generally, I am trying to understand who I can hold responsible for the mortgage obligation and, if no heirs step up and start paying what action can I take and how long and costly is the process.

Since the borrower is deceased, if the heirs want to keep the property I assume the note and titles will need to be transferred into their name through a loan mod?? 

The note is on a property in the New York.

[Jay Jasunas]

@Zachary Taylor

I am guessing the house is going to have to go through probate. You are going to have to start foreclosure to protect you interest in the house. I don't think the heirs can do a mod with you if they don't have title, they can however pay you in the meantime to stop foreclosure while probate plays itself out. 

This one is going to be close for you to make money if you have to take it all the way to the end.

Good luck, I'm rooting for you.