If a family member is authorized person for emergency then you contact them simply say I understand that >>>>>>> passed away and want to know who is responsible party for their estate. ask for proof of that. if a joint person is on the lease well then you are covered and only thing you'd need to do is ask what their intentions are about staying or that you would be willing to give a early lease termination if that's what you can work with.Otherwise:If deceased is only lease holder.

Hello fellow note investors,I am wondering what a seasoned note holder would do if you were in my shoes. 

Don't think for a second that some law exists that prevents a note buyer from speaking to a borrower, done properly, a buyer has a legitimate business interest in that obligation and has every right to speak to a borrower or note holder, aside from bankruptcy matters.

Representing... the end BUYER or LIEN HOLDER, not the owner.

Generally, note investors try buying at a discount to increase the yield, but there can be exceptions.When you buy a note you are not buying the property securing that note, don't go down that road, you are a note holder.The more savvy types, like myself (khmmm) can acquire notes being financed by the old note holder, they sell at a discount, finance the sale of the note as that relieves them of credit risks, risks of foreclosure and loss, payment administration or servicing issues and slow pay issues.

First find out if there any additional liens on the property.Second if you think its something you want to buy have him contact the lenders to give permission to you to talk to them.Third come up with an offer amount that works for you.Fourth let the lien holders work out who gets how much.Fifth you or I are not lawyers and he may get a 1099 in the year that the property sells to show the balance between what is owed and the sale price.

You would need to see all motions, court rulings, have a knowledge of property's value, secured and unsecured liens, other properties owned by the debtor, entity in bankruptcy, marital status, division of marital assets, condition of property, indication of debtors intentions in bankruptcy, quality of the prommisory note and mortgage or deed of trust, strength of supporting documentation, timliness of notices in relation to note, whether property was owner occupied at time note was originated, priority of other creditor liens, ruling tendencies of presiding judge, foreclosure laws of the state property securing note is located in, respones file by note holder, whether and amount of bankruptcy protection payments made, whether debtor has or will attempt a 'cram down' and whether it will be a principal reduction cramdown, an interest rate cramdown, a term cramdown, or a combination, whether debtor plans to challenge the legitimacy of the lien, expected legal fees for creditor, etc.Once you are familiar with this information you can begin to evaluate a value for the note.

Realize most of the Chicago BP investors are keeping up with the news but just in case here's a recent announcement made by the Mayor's office working with the major banks in the area to provide relief to landlord mortgage holders whose income is affected by COVID-19. 

The money could also help pay for moving costs and assist mortgage holders and tenants with payments after the moratorium expires.

Can’t help but feel I’m the bag holder buying it at the top.