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Message
A question for the real estate attorneys of the OT
Posted on 8/21/18 at 7:21 pm
Posted on 8/21/18 at 7:21 pm
My mother recently passed. Leaving behind a mortgage for a small amount on a home that was actually condemned post Isaac.
Before assuming the debt, I was reviewing her mortgage documents. They list the wrong legal description of the property. It specifically identifies a parcel roughly a quarter of a mile closer to the road.
The mortgage is roughly 9 years old. The surveyor Wallace Hargrove, has been deceased for some time.
The piece of land the mortgage is on has a value of roughly 13k. With frontage.
The land the home is on has a value of roughly 10k. But it is land locked within my own property. The home on it, which is condemned, was once valued at 240k. It has severe mold issues.
So what are my options for approaching the lienholder?
I am consulting an actual attorney tomorrow, I was mainly looking for the OTs usually infinite monkeys writing Shakespeare approach to problem solving.
Before assuming the debt, I was reviewing her mortgage documents. They list the wrong legal description of the property. It specifically identifies a parcel roughly a quarter of a mile closer to the road.
The mortgage is roughly 9 years old. The surveyor Wallace Hargrove, has been deceased for some time.
The piece of land the mortgage is on has a value of roughly 13k. With frontage.
The land the home is on has a value of roughly 10k. But it is land locked within my own property. The home on it, which is condemned, was once valued at 240k. It has severe mold issues.
So what are my options for approaching the lienholder?
I am consulting an actual attorney tomorrow, I was mainly looking for the OTs usually infinite monkeys writing Shakespeare approach to problem solving.
This post was edited on 8/21/18 at 7:33 pm
12
Posted on 8/21/18 at 7:28 pm to X123F45
Get Gordon. Get it done.
Posted on 8/21/18 at 7:30 pm to X123F45
What state?
Posted on 8/21/18 at 7:31 pm to SDVTiger
Sorry. Louisiana
Posted on 8/21/18 at 7:31 pm to X123F45
Sorry for the loss of your mother
Obligatory tree fitty reference bc numbers in a post
Obligatory tree fitty reference bc numbers in a post
Posted on 8/21/18 at 8:11 pm to X123F45
Well at the least it sounds like there is no enforceable lien on the property.
Posted on 8/21/18 at 8:16 pm to X123F45
Do you have any siblings? If so, trade the dumbest one your share of the house. Problem solved.
This post was edited on 8/21/18 at 8:17 pm
Posted on 8/21/18 at 8:26 pm to X123F45
Ok, just to clarify:
1) Your mom left you a condemned house that is surrounded by your property.
2) The mortgage is 9 years old? As in created 9 years ago?
3) The survey for the property is incorrect and the surveyor is dead.
4)The value of home and land is 13k but land only is 10k.
How much is the mortgage? Who is it with?
1) Your mom left you a condemned house that is surrounded by your property.
2) The mortgage is 9 years old? As in created 9 years ago?
3) The survey for the property is incorrect and the surveyor is dead.
4)The value of home and land is 13k but land only is 10k.
How much is the mortgage? Who is it with?
This post was edited on 8/21/18 at 8:26 pm
Posted on 8/21/18 at 8:35 pm to X123F45
Schedule an appointment with my secretary.
Posted on 8/21/18 at 8:38 pm to CoachChappy
quote:
Ok, just to clarify:
1) Your mom left you a condemned house that is surrounded by your property.
2) The mortgage is 9 years old? As in created 9 years ago?
3) The survey for the property is incorrect and the surveyor is dead.
4)The value of home and land is 13k but land only is 10k.
How much is the mortgage? Who is it with?
I'm the sole heir.
The mortgage is roughly 52k. The parcel of land that is actually listed on the mortgage has a value of 13k. The parcel of land where the house is located is probably worth 10k. It is not frontage. BUT: it has a condemned home on it. So the value is likely negative.
The parcel where the house is located is landlocked.
The mortgage is held by Hancock bank. They are unaware the home has been condemned AND unaware their mortgage is on a bare piece of property.
I am considering approaching them as the sole heir with a few options:
I will assume the debt as long as I do not have to carry insurance on the home.
They can sell me the debt for 13k.
They can attempt to swap the mortgage language and suddenly own a valueless piece of land.
They can send it to sheriff sale and I can purchase it for 3-5k.
Posted on 8/21/18 at 8:39 pm to X123F45
Get Gordon. Get it done.
Posted on 8/21/18 at 8:43 pm to X123F45
That’s a sticky wicket there. That 52k along with the fact that they have no clue the home is condemned makes this interesting. How would they not know? Did your mom keep making payments on the condemned home?
Posted on 8/21/18 at 8:54 pm to X123F45
Who actually owns the property that the banks has the mortgage on -i.e. the $13k property that is incorrectly described on the deed? Is it you or someone else?
Posted on 8/21/18 at 9:27 pm to nctiger71
quote:
Who actually owns the property that the banks has the mortgage on -i.e. the $13k property that is incorrectly described on the deed? Is it you or someone else?
Me
Posted on 8/21/18 at 9:36 pm to X123F45
You’ll assume a $52k mortgage on property worth $10 or $13k?
Posted on 8/21/18 at 9:42 pm to X123F45
How much was the insurance settlement?
Posted on 8/21/18 at 9:51 pm to X123F45
Oh, I was thinking that perhaps the bank had a worthless piece of paper if someone else owned it.
Regardless it sounds like the bank will have a bad loan write off. I can not believe they will want to spend any $ correcting a title (if that is even doable) for property that is about $40k underwater. They will probably want you to assume your mother’s debt but I do not think you are obligated to (I am not an attorney) do that.
Issac was in 2012, has someone been living there even w/ the mold issue for the past 6 years? I assume the mortgage was being paid otherwise the bank would have already forclosed. But then again maybe not, they may know more about it than you realize and just did not want to write off a bad loan yet.
Regardless it sounds like the bank will have a bad loan write off. I can not believe they will want to spend any $ correcting a title (if that is even doable) for property that is about $40k underwater. They will probably want you to assume your mother’s debt but I do not think you are obligated to (I am not an attorney) do that.
Issac was in 2012, has someone been living there even w/ the mold issue for the past 6 years? I assume the mortgage was being paid otherwise the bank would have already forclosed. But then again maybe not, they may know more about it than you realize and just did not want to write off a bad loan yet.
This post was edited on 8/21/18 at 10:37 pm
Posted on 8/21/18 at 10:04 pm to X123F45
Two words, title insurance. The bank will be covered and the title insurance company will work with you to cure the defect or sue you to cure the defect.
Posted on 8/21/18 at 10:33 pm to X123F45
quote:
I was mainly looking for the OTs usually infinite monkeys writing Shakespeare approach to problem solving.
Damn, that is harsh.
But so true.
Posted on 8/21/18 at 10:34 pm to biglego
quote:
You’ll assume a $52k mortgage on property worth $10 or $13k?
If it means not having someone suddenly own a parcel of land in the midst of my property, yes.
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