Okay so a quick overview… Three adult kids inherit mom’s house. It’s been three years. Bill were kept up to date until October or so when one brother who had refused to pay, and then other brother decided that he didn’t have to either. (we all live there) soo… I’m a student and just don’t make enough to even come close to paying it on my own, and now I got a letter from one of the two mortgage companies sayig it is in foreclosure.. The other mortgage company just recently hired an attorney because we were very behind on that mortgage as well..
This is a HUGE mess. Now, although I really wanted someone to keep the house in the family, it just can’t happen, and we have decided to sell…
NOW questions for you, (first, thank you for reading all this and thank you for your advice)
1. If we decided to put the house on the market right now(won’t be for another month or two due to clearing out and going through my mom’s, and grandmother’s things), and we paid off the 8000 that is owed to make it current, WILL they make it current? Or is it doomed to be foreclosed on? Can we sell with this foreclosure on the mortgage? [these may be stupid questions, but I just really don't have any idea]
2.Are we able to sell if property taxes are behind, as well? ($ 1200)
I’m willing to take out a loan, because noone else seems to care any more, though I don’t know how much I’d be approved for, would it be worth it to take out a loan and get everything up to date, or is it going to be foreclosed on either way?
3. Can we sell with late taxes, or must they be current to sell?
This is a lot, an I’m beyond stressed out. Thank you.
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Talk to a lawyer and then get with your brothers and decide what to do.
If the house goes into foreclosure and is sold,you and your brothers could still be left with paying off any unpaid balances and taxes.
There has been some reports of people going through bankruptcy,loosing everything and still having to pay the mortgage off in full.
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LikeDislikeSpeak with a real estate agent in your area that is competent to research your home’s value and other issues( Title, etc). You can also speak with an attorney if you know one or are willing to pay. The nice thing about a real estate agent is it is typically free. Just make sure they are a good one by checking into them.
He/She can let you know what you are looking at regarding what the house could sell for and then what you would make/ owe. If you owe more than the home is worth then you will have to negotiate a short sale with the bank. This is where the bank agrees to let you sell the house for less than what is owed, hopefully releasing you of the deficient balance. If you owe less than the house is worth then you will receive money above and beyond what is owed, the fees and taxes that are behind, plus closing and real estate agent fees.
If you can’t sell before the house goes to foreclosure then it will be sold at auction and depending on how much it goes for, you will either owe the bank money (if it sells for less than you owe), or the bank will give you money (if it sells for more than you owe). They can only collect what is owed and have to give the remainder to you.
If you decide to try to get a loan yourself then you would be purchasing the property and go through the process above as a regular purchase or short sale purchase. You can sell with late taxes, the taxes will have to be paid somehow through proceeds of the sale, or you will owe them afterwards if you are upside down.
Once again, I would consult with a good real estate agent in your area to get an idea of the home’s value and procedure for going forward.
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LikeDislike1 Yes, you will be current and they will start the process all over again once you are not.
2 Yes, as long as you sell for enough to cover all of the liens, that would be taxes and mortgage.
3 They are made current with the sale money.
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