Posted on: 31st Mar, 2010 10:52 am
Hello,
The original owner of the house had passed about 4years ago. The bank stopped accepting payments on the mortgage about a year later because the payer(the owners wife) was not listed as an owner.
After going through the work of getting legal documents stating she is in fact his wife, and found a letter that can count as a will, the banks refuse to accepts payments for the home. The house was put on foreclosure early last year, and will be placed on the market for sale this year.
Can she sell the home to someone in her family willing to buy it, and then repurchase the home? If so, how can she? And can she do so before the house is available to the public?
The original owner of the house had passed about 4years ago. The bank stopped accepting payments on the mortgage about a year later because the payer(the owners wife) was not listed as an owner.
After going through the work of getting legal documents stating she is in fact his wife, and found a letter that can count as a will, the banks refuse to accepts payments for the home. The house was put on foreclosure early last year, and will be placed on the market for sale this year.
Can she sell the home to someone in her family willing to buy it, and then repurchase the home? If so, how can she? And can she do so before the house is available to the public?
Hi JP!
Welcome to forums!
As the property is in foreclosure, I don't think she would be able to sell off the property now. The lender will not allow her to do so. If there is a buyer for the property, then she can contact the lender and let him know about it. If the lender agrees to sell off the property, then she can go ahead with the deal.
Sussane
Welcome to forums!
As the property is in foreclosure, I don't think she would be able to sell off the property now. The lender will not allow her to do so. If there is a buyer for the property, then she can contact the lender and let him know about it. If the lender agrees to sell off the property, then she can go ahead with the deal.
Sussane
Is there anything she can do? If she waits until the home goes on sale, can she attempt to buy it back then?
If not, what can she do at this point?
If not, what can she do at this point?
She can check out whether or not she would get a redemption period. If a redemption period is allowed, then she can redeem the property by clearing off the dues.
all borrowers have the right to reinstate a mortgage that has been sent into foreclosure. that also incorporates the right to pay the loan in full, and if that means selling the home, there is, i am certain, that right as well. i cannot see any reasonable lender or legal counsel refusing the borrower's right to sell the home in order to prevent foreclosure.
honestly, you need to get advice from an attorney instead of lay people, but i feel certain you'll find that it's possible for her to sell this house prior to the foreclosure being effective.
honestly, you need to get advice from an attorney instead of lay people, but i feel certain you'll find that it's possible for her to sell this house prior to the foreclosure being effective.
