Probate/Foreclosure Question - Posted by John08

Posted by Rick, the Probate Guy on June 06, 2007 at 10:15:00:

There’s almost always a “yes” answer to a question like “is it possible?” when we don’t know the parties.

It might be possible, but you need to approach this from the standpoint of the lender. This lender has a tough reputation as being difficult, uncooporative and inflexible when it comes to negotiating payoff balances (I’ve dealt with them for many years).

I think the key here is to dissuade them from wanting to take back this property. If they were to receive photos of the messy state that this property is in, frayed tiles they may be asbestos, junk in the yard, possbile meth lab, gangster-type squatters, etc., they may be more sweetly reasonable to listen to your offer.

Also, in CA, the cost of administration, including reasonable cost of sale, are a priority claim, even over secured encumbrancers like a mortgage lender, subject to only Fed debt and property taxes. Maybe there’s a way to manipulate that into your equation if the probate code is similar in your State.

Also, it would probably help if the loan were not current or even in default.

Probate/Foreclosure Question - Posted by John08

Posted by John08 on June 05, 2007 at 23:40:47:

I have a house that I was planning to purchase for 110k. Just a week before finally closing on this it turns out the banks (Chase) payoff is 7k more than what was thought. The title company did not get an accurate payoff the first time. This makes the deal very tight as it is a manufactured home, and I like a wider margin on these. Is there any chance I would be able to work a short sale with Chase and get them to accept less. The problem is that if the house sells for the original 110k there is not enough to payoff all the liens and it is an insolvent estate. The attorney has said he will pull out if it is an insolvent estate and the house will just go to auction. Is there any chance I can convince Chase to accept less, or are there any other possibilities here?