Posted on: 14th Mar, 2012 03:15 am
A close relative died after being on life support for the last 3 months. He has a property on which I'm living presently with permission from his children. I am giving them cash rent directly and have no clue how long these foreclosure are drawn out. Right now though, everything is current on utilities and it's being lived in. Is there any advice that you all would give me? We want to keep the house as long as humanly possible.
The immediate heirs of that deceased relative should file an affidavit of heirship at the county recorder's office and get the property transferred in their name. Then, they can try to modify the loan and pay it off. This will help them in saving the property.
Be aware that the interest rate on most adjustable rate mortgage loans (ARMs) can vary a great deal over the lifetime of the loan. An increase of several percentage points might raise payments by hundreds of dollars per month.
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Hi Felloma!
Welcome to forums!
If the lender does not receive the mortgage payments for more than 3 months, then he will start off with the foreclosure process. So, as the payments are delinquent, the heirs must contact the lender and try modify the loan and pay off the debts. In case the heirs are not on the mortgage docs, then they will have to assume the loan and then modify it in order to save the property from foreclosure.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the lender does not receive the mortgage payments for more than 3 months, then he will start off with the foreclosure process. So, as the payments are delinquent, the heirs must contact the lender and try modify the loan and pay off the debts. In case the heirs are not on the mortgage docs, then they will have to assume the loan and then modify it in order to save the property from foreclosure.
Feel free to ask if you've further queries.
Sussane
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