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Posted on 8/21/18 at 11:00 pm to X123F45
Considering the lien issue and that it’s only the land value, maybe you can negotiate a reduced payoff?
Posted on 8/21/18 at 11:06 pm to nctiger71
quote:
Just to be sure we understand;
the house has $0 value and the bare land value where the house is located is valued at $10,000.
If anything, the house is a negative value. It is condemned and will have to be a controlled burn.
A fair value for the lot would be anywhere from 7500-10000.
Posted on 8/21/18 at 11:25 pm to X123F45
I don’t think the title issue is much of a factor. It’s just a quirky complication that might work in your favor.
I would think you could work out a negotiated deal w/ the bank for <= $10k. I would anticipate the bank working hard to get you to assume the full debt but there is not much reason to do that unless you feel like you have a moral obligation to do so. I don’t think you have a legal obligation.
I guess their leverage is the potential to sell the property to someone else but who would want it, except you?
Let’s know how it works out. It is a very interesting situation.
I would think you could work out a negotiated deal w/ the bank for <= $10k. I would anticipate the bank working hard to get you to assume the full debt but there is not much reason to do that unless you feel like you have a moral obligation to do so. I don’t think you have a legal obligation.
I guess their leverage is the potential to sell the property to someone else but who would want it, except you?
Let’s know how it works out. It is a very interesting situation.
Posted on 8/22/18 at 1:05 pm to nctiger71
What does the day shift know
Posted on 8/22/18 at 1:30 pm to X123F45
Sorry for your loss.
Consult Rebecca Bunch, the best there is.
Consult Rebecca Bunch, the best there is.
Posted on 8/22/18 at 1:44 pm to X123F45
Sorry for your loss.
What exactly does ‘condemned’ mean? Have you talked to a mold specialist? Legally inhabitable and what a private contractor may be able to do with it may be 2 different things?
Just spit balling. No idea on the inside of the home obviously. Is it absolutely not worth saving?
If the mortgage is worth more than the value of the property plus the land then I wouldn’t think you would have a claim on it. The bank will likely let it sit through the foreclosure process. They can’t really fast track that due to policies to prevent fraud.
What exactly does ‘condemned’ mean? Have you talked to a mold specialist? Legally inhabitable and what a private contractor may be able to do with it may be 2 different things?
Just spit balling. No idea on the inside of the home obviously. Is it absolutely not worth saving?
If the mortgage is worth more than the value of the property plus the land then I wouldn’t think you would have a claim on it. The bank will likely let it sit through the foreclosure process. They can’t really fast track that due to policies to prevent fraud.
Posted on 8/22/18 at 2:31 pm to baldona
Who signed the security deed for the parcel of land that the mortgage sits?
If it is your mom, then the security deed is worthless (you own the land... not her. She cant deed anything ).
Did you sign a security deed for your mom's mortgage on your property?
It sounds like the mortgage company has an empty promissory note with no security deed attached. Title insurance will make them whole. Title insurance would have to go after the closing attorney (not you or your mom) to be made whole unless they can prove that you tried to defraud the mortgage company.
Edit to add that my real estate knowledge is in Georgia and may not transfer cleanly to LA
If it is your mom, then the security deed is worthless (you own the land... not her. She cant deed anything ).
Did you sign a security deed for your mom's mortgage on your property?
It sounds like the mortgage company has an empty promissory note with no security deed attached. Title insurance will make them whole. Title insurance would have to go after the closing attorney (not you or your mom) to be made whole unless they can prove that you tried to defraud the mortgage company.
Edit to add that my real estate knowledge is in Georgia and may not transfer cleanly to LA
This post was edited on 8/22/18 at 2:33 pm
Posted on 8/22/18 at 6:56 pm to baldona
What exactly does condem mean is a good question.
We have many homes in NC w/ condemned signs on them from Hurricane Matthew in Oct ‘16.
But some are being rehabed and when they pass inspection the owner can get a Certificate of Occupancy and get the lights turned back on. Some have mold issues.
It does not sound like this house can be fixed, but the bank will probably want to confirm that.
We have many homes in NC w/ condemned signs on them from Hurricane Matthew in Oct ‘16.
But some are being rehabed and when they pass inspection the owner can get a Certificate of Occupancy and get the lights turned back on. Some have mold issues.
It does not sound like this house can be fixed, but the bank will probably want to confirm that.
Posted on 8/22/18 at 7:06 pm to X123F45
quote:
The parcel where the house is located is landlocked.
quote:
If it means not having someone suddenly own a parcel of land in the midst of my property, yes.
Why not build an 8 foot fence surrounding the property without a gate, calling the bank and telling them you will give them 5K for everything inside the fence?
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