Posted on: 03rd Oct, 2007 09:54 am
My mother bought a property with her brother in 1993. They paid the mortgage faithfully. In 2005 my uncle wanted to first sell the home but then decided to take out his equity. He borrowed $325,000. Then hurricane Wilma happened. They wanted out so we offered to take over mortgage but they wanted more money. They also wanted to keep the insurance proceeds. My mom who is only on the title not the note couldn't get a mortgage because the property is in disrepair. Then they filed a partition which has been temporarly postponed. They then stopped making payments in Feb. or Mar. and the house is in Forclosure proceedings now and her brother is now finally willing to give up his greed and is willing to settle, but because the home is now in forclosure she can't get a loan even though it's not her note. She's retired so would need a no dock loan. She had been qualifed 6 months ago for $380,000, but with all the new issues we are in a catch 22 situation. She needs some help before she loses her home. Also the insurance checks are in her name, her brothers, and the banks. They still haven't been cashed or used except for $15,000 for emergency contents replacement, which allowed her to make it somewhat livable. The note states that they are to keep the home in good repair but her brother has refused to sign the checks any advice?
GET AN ATTORNEY IMMEDIATELY!
And I have a question. If she is the only person on title then how did brother get a mortgage for cash out in the first place? Please clarify this and I will try to answer some of the other questions.
And I have a question. If she is the only person on title then how did brother get a mortgage for cash out in the first place? Please clarify this and I will try to answer some of the other questions.
yes eric, even i had the same question in mind.
but kkotleski, was the second mortgage taken from the same lender who provided with the first mortgage?
in such a situation, i think it is essential to repair the house immediately so that you may consider a pre-foreclosure sale to pay off a portion of your debt. try to convince your uncle to sign the insurance checks so that you can at least make some arrangements for the repair.
but kkotleski, was the second mortgage taken from the same lender who provided with the first mortgage?
in such a situation, i think it is essential to repair the house immediately so that you may consider a pre-foreclosure sale to pay off a portion of your debt. try to convince your uncle to sign the insurance checks so that you can at least make some arrangements for the repair.
I believe the statement was that the mother is on the title only and not on the mortgage. In this case i think contacting an attourney and figuring out what your options are is best. She could buyout this property from the foreclosure or buy the house from her brother if there is alot of equity there. Or she could just let him deal with it and for get about it.
