Posted on: 29th Aug, 2011 09:41 am
I have a bit different situation; my brother and I are in the tittle of the property. I (alone) have a 1st mortgage for $57k and a 2nd for$133K. this is a rental property and my wonderful brother is renting the place to tenants that he handpicked (friends) who are not paying rent for the last 5 months and my brother does not want to evict this people out of there. I do not have the monies to evict this people out of my rental property and I am not in the rental contract . I either want to do a deed in lieu or a foreclosure. can the lender force my brother to sign the property to the bank or banks ? thanks.
hi jhofle!
welcome to forums!
if the bank is not receiving the mortgage payments on time, then the bank can foreclose the property in order to recover the mortgage. it will be the lender's discretion whether or not he will offer you a deed in lieu of foreclosure.
feel free to ask if you've further queries.
sussane
welcome to forums!
if the bank is not receiving the mortgage payments on time, then the bank can foreclose the property in order to recover the mortgage. it will be the lender's discretion whether or not he will offer you a deed in lieu of foreclosure.
feel free to ask if you've further queries.
sussane
can I help expedite the foreclosure and have the bank remove the delinquent tenants and they(the bank) can recover their house. seems nowadays the banks are taking up to a year or more to file motion for a foreclosure and in the meantime I have these tenants getting a free ride. remember the house has 2 mortgages and the tittle is on my and my brother's name. and my brother does not want to cooperate in any way since he's not on the loans
Hi jhofle,
You can ask the lender to start off the foreclosure process asap. But as a large number of properties are going through the foreclosure process, it will take time to complete the foreclosure process.
Thanks
You can ask the lender to start off the foreclosure process asap. But as a large number of properties are going through the foreclosure process, it will take time to complete the foreclosure process.
Thanks
It was me above... just forgot to log in!!
Since you're the only one with the Mortgages, you're assuming 100% of the risk with that property. As such, regardless of what your Brother says, you need to evict the Renters for non-payment of rent.
