Deceased's House In Sheriff's Sale
I am interested in a house that is up for sheriff's sale for the first mortgage of 23,000. There is a second mortgage owed about $40,000 on it. The owner died about a year ago and the son, who also lives there and I know ,said at the time his father left the house to him. His sister is the executor. Now it is up for sheriff's sale because he said his sister was getting the foreclosure notices and didn't say anything to him about them. He says he is in the process of getting another mortgage to stop the sale but I don't see that happening because the house, if it was left to him, is not in his name yet, not to mention he is unemployed and his wife doesn't make much. So if this goes to auction what becomes of the second mortgage? Will that bank be there to buy it to protect there investment? I was hoping to buy it for the first mortgage at auction and take over payments on the second but I don't know if it works like that. Was this purposely done by the sister for estate reasons? What would be the best thing for me to do if I were interested in buying the property? Thanks for any help.
If the total of all the mortgages and the delinquent taxes equal quite a bit less that the market value of the house, then take it over sub-to, and pay the taxes NOW.
If it is over-encumbered buy it at the tax sale.
Quote:
On 2004-03-25 01:00, rickpozos wrote:
If the total of all the mortgages and the delinquent taxes equal quite a bit less that the market value of the house, then take it over sub-to, and pay the taxes NOW.
If it is over-encumbered buy it at the tax sale.
Hi Rick,
It is up for sale for default of the first mortgage, not back taxes.
Thanks