Posted by River City on June 23, 2005 at 06:20:57:
If the house is in the foreclosure process there is no time to refinance another property. From your post, I thought you were one of the heirs. They would be the ones that should speak with the lender. They might could ask for a moratorium on the loan just long enough to sell the property, if it is not too late. But they cannot dilly dally. Time is of the essence.
Probate, Foreclosure and Equity - Posted by James
Posted by James on June 21, 2005 at 10:58:10:
Hello legal Forum
I have a an interesting scenario I am sure all of us would love to know about. Say for instance a relative dies and there home is in foreclosure. There house has tons of equity say like 75% in favor of the owner. However the house in being foreclosed upon in ten days. The deceased owner has a will and they made a certain individual power of attorney. In the will he left the house to the person who has power of attorney. The house hasn’t entered into probate yet. Can the power of attorney sell the house before the house goes to probate. Or is there anyway for him to borrow money from a hard money lender to stop the house from being foreclosed upon as the power of attorney. What are his options
Re: Probate, Foreclosure and Equity - Posted by River City
Posted by River City on June 22, 2005 at 06:21:21:
Contact the lender that holds the mortgage and see what kind of arrangements can be made. Since the mortgagor has died, they might be willing to work with the heirs.
Re: Probate, Foreclosure and Equity - Posted by James
Posted by James on June 22, 2005 at 06:57:58:
What do I say to the lender to make them postpone. Imean the heirs have another house they can refinance to pay off the balance