Posted by Tim_wa on April 05, 2006 at 01:52:18:
This is a 50k to 60k profit deal.
Tim
Need to stop foreclosure - Posted by Tim_wa
Posted by Tim_wa on April 04, 2006 at 12:27:23:
House is going to be auctioned this Friday. Owner had passed away and
the heir is going through the probate process but the auction is this
friday. The lender is not willing to cooperate. They want me to pay
all the back payments in order to stop the foreclosure. Is there any
way for the heir to stop this foreclosure?
Please help!
Tim
Re: Need to stop foreclosure - Posted by Kristine-CA
Posted by Kristine-CA on April 04, 2006 at 13:10:58:
Actually, the lender is cooperating per the terms of the trust deed.
Probate process does not stop a trustee’s sale. Making up arrears is
better than calling the entire loan due. Have you and the heir talked to
your attorney about filing BK for the estate. This will not stop the sale
but postone it.
Have you talked to Joe Kaiser about the deal. From your posts and
emails it sounds like perhaps you’d be better served served by going in
with someone with more experience.
There’s been a few posts about probate deasl in WA the past few
weeks. Is this the deal that will only work with a short sale?
Kristine
Yes - Posted by Clint
Posted by Clint on April 04, 2006 at 12:31:41:
Pay all back payments and get them to deed you the house…if not, move on to the next deal.
How to stop foreclosure on decedent’s property - Posted by Rick Harmon (CA)
Posted by Rick Harmon (CA) on April 04, 2006 at 21:09:08:
Sorry Kristine, but I’m not aware of any bankruptcy statute or case law providing for a personal representative to protect estate assets via bankruptcy.
I have seen, with mixed results, persons with beneficial interests in a decedent’s estate file. In California, title to real property transfer immediately upon death of the decedent, subject to probate administration, and so the theory goes, an heir “could” file as a bankrupt debtor. I’ve been on both sides of this argument numerous times and believe it to be a crapshoot.
I’ve taken the liberty of providing a link to an article which discusses remedies in more detail:
http://www.closeprobate.com/asp/attorneys_article-foreclosure1.asp
For my money, I’d rather get an assignment from the heir along with all the normal safety provisions and then advance the arrearages to the lender, if they’ll still accept. Many times they won’t even talk to a 3rd party so Tim already has a leg up on this deal.
By the way, what are the numbers like here(profit)? I hope that all of this commotion isn’t over a $10K upside deal, is it?
Hope this helps.
Re: How to stop foreclosure on decedent’s property - Posted by Kristine-CA
Posted by Kristine-CA on April 05, 2006 at 18:33:07:
Rick: true, I haven’t seen an actual case where estate assets were
protected. But in my research I’ve seen BK’s filed by estates so think
it’s worth looking into to at least stall a sale.