Foreclosure Prevention

Posted by Joe on November 30, 2002 at 03:12:03:

In Reply to: Mom is broke- need to sell remotely when brother won't leave posted by RG on November 28, 2002 at 23:54:40:

: My mother lives in Tennessee but still owns the house we grew up in Ohio. She can't afford to make both the payments on her apartment and the mortgage.

: Her credit is very poor, and she's consistently late on payments. The bank has threatened to foreclose before. Her bank is Charter One Mortgage.

: The juicy part is- my brother still lives there. He doesn't pay any of the mortgage payment to help out. We tried to sell the house before, but he won't let anyone in to see it. He doesn't keep the house in the greatest condition, either. My mother refuses to call the police to have him "evicted".

: I live far away as well, and even if I could get to the house, I couldn't make him leave.

: The best solution seems to be a "short sale"? My mother has tried calling the bank but seems to be getting the runaround.

: We need to sell the house remotely and get someone else to own it so my brother can legally be forced to leave the house.

: Can anyone help?

Using a Trust, the mortgage can be assumed without a 'short sale' this can occur within 7 days from agreement. Your mother could receive full market value for the home also.
Your brother can be removed from the situation legally because there would be a new owner through the TRUST.
Joe Trinity Consulting
847-935-6026

Follow Ups:

• And where does Mom go, after the Trust takes the house? - tinaj 20:53:26 12/05/02 (0)

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Comments:
: : My mother lives in Tennessee but still owns the house we grew up in Ohio. She can't afford to make both the payments on her apartment and the mortgage. 

: : Her credit is very poor, and she's consistently late on payments. The bank has threatened to foreclose before. Her bank is Charter One Mortgage.

: : The juicy part is- my brother still lives there. He doesn't pay any of the mortgage payment to help out. We tried to sell the house before, but he won't let anyone in to see it. He doesn't keep the house in the greatest condition, either. My mother refuses to call the police to have him "evicted". 

: : I live far away as well, and even if I could get to the house, I couldn't make him leave. 

: : The best solution seems to be a "short sale"? My mother has tried calling the bank but seems to be getting the runaround.

: : We need to sell the house remotely and get someone else to own it so my brother can legally be forced to leave the house.

: : Can anyone help?

: Using a Trust, the mortgage can be assumed without a 'short sale' this can occur within 7 days from agreement.  Your mother could receive full market value for the home also.  
: Your brother can be removed from the situation legally because there would be a new owner through the TRUST.
: Joe Trinity Consulting
: 847-935-6026


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