Re: Foreclosure Issue - Need immediate help
Posted by Larry Ludwick on June 20, 2007 at 08:56:17:
In Reply to: Foreclosure Issue - Need immediate help
Posted by Kim E. on June 20, 2007 at 06:10:59:
Basic questions:
Who is the "remainderman"? In other words, who does title go to after the life estate is over? Is it your mother's estate?
You said the mortgage was a 2nd Mortgage. Was there a first mortgage and has it been paid off? (If so, the 2nd mortgage is now the 1st mortgage.)
If the mortgage is in both their names, when did the ownership change to a life estate?
Where is the property?
Were your mother and father married during the ownership of this property? (Please take no offense at this question -- it is very common for unmarried people to own property and have children and it is an important legal issue.)
As to what can be done, find the mortgage statement and call the customer service number and ask to talk to someone about the situation. At worst, you will have to pay off the second mortgage entirely, at best you may be able to simply bring the mortgage current by making the missing payments along with the penalties and fees.
Post some more specific information and perhaps we can provide more specific answers.
Larry Ludwick
Sales Associate -- Realtor
CENTURY 21 Beggins Enterprises
Apollo Beach, FL
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