All Forum Posts by: Ben Boru

 @Marty Boardman I've been working short sales for 15 years. Banks ABSOLUTELY 100% negotiate mortgage debts when property debts exceed value. That's the whole point of a short sale. 

The OP indicated this was short sale territory. So unless someone wants to clear all these debts as they are and pay more than the property is worth, paying off the loan is pointless. Sounds like the OP is unwilling to do that anyway 

Certainly if the paying off all the debts with no discount is an option, they can easily do that and close anytime, however that is not the case per the OP ( Or the impression I got anyway).

The foreclosure is the first problem to solve. Probate can also be handled after. But unless a legal owner can sign a P&S ASAP, this whole deal is going to die. However, even without the P&S, it is worthwhile to get an authorization to talk to the lender to try to buy time with a workout.

If the estate has been probated, yes.  If the estate hasn't been through probate the son has no rights to the property.  You have to initiate probate and get letters of administration to be able to act on the affairs of the decedent.  "Executor" gets thrown around loosely.  It will come down to whether the estate was ACTUALLY probated.  If not, you are going to be stuck.  Given the value of any property these days, it will almost certainly have to be formally probated.  Takes thousands of dollars, and months of time.  Probably a minimum of 3-6 months.  The last one I was involved with took 2 years... it was a big estate.  But it takes 2 months where I live just to get on the docket of a probate judge.

Wish you the best!

Randy

 That’s not good, You are not going to be able to do ANYTHING with that until it goes through probate.  The family technically doesn’t own the property now… the estate does - which has to be administered through the courts.  The family, through the lawyer, could possibly catch up the overdue payments to stave off the foreclosure, but  otherwise probate is likely going to come first before anything else.  

Randy 

Foreclosure process is very state specific. What state is it? 

What's the home worth?

No, they wont eliminate their fees and interest, but if the homes debts exceed its value you may pursue a short sale. If its in process they may move that fc date for you. When is the fc date?