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.