Possible Foreclosure

Hi Derrick

I had an Aunt who passed early this year and my Uncle had to be place in a nursing home, not in his right mind.

His son is in and out of jail and doesn`t have a job. I feel that their home will go into foreclosure in the near future if payments can`t be made.

After my Aunt died, here son refinanace the house in his and his father`s name. I need to know will I need both of there signature`s on a Quit Claim Deed if both names are on the mortgage?

Or how can I keep up payments to keep house in the family?

Thanks

the1bud

Comments(3)

  • DerrickAli20th August, 2002

    The1Bud:

    Wasup my BP Bro.?

    Glad to see your are posting on TCI like I recommended!

    Several of the experts here should be able to address your Q. ---However,
    Here is My take on your next suggested action:


    1. Get a 'Power of Attorney' from your Cousin(as your Uncle is not Mentally capable of granting it to you).

    2. Make sure that your cousin signs/notarizes a Quit-Claim Deed(UNRECORDED) and do NOT record it until you KNOW that he is the State recognized Representative/Guardian/Executor of the family estate(his Dec'd Mother and Mentally Incapable Father).

    3. Upon a favorable determination of #2 the Son can lawfully place the home into a Land Trust with YOU as a co-Beneficiary.

    4. Once you have all of these things covered you can safely continue to:

    a. Keep the Mortgage Loan in Place,

    b. continue to make payments and

    c. set up a Re-SELL of the home while inside of the Trust (without your buyer having to get a NEW LOAN or QUALIFYING with their DEBT/CREDIT etc.)


    Let me know if this is what you werte looking for?

    Hope it helps!


    DERRICK ALI

    PS. Any other TCI members or Guest have a better or clearer suggestion for him?
    [addsig]

  • the1bud20th August, 2002

    Thanks Derrick, I'll keep your advice handy and run it buy my family.

    Bud

  • redeals16th September, 2002

    Just to be sure, I would double check to see if the son has the right to handle the Uncle's affairs.

    You should also double check the deed to see what names are on it. I have seen several instances in which the deceased spouse's name was still on the deed. You may need to be prepared with a death certificate also.

    Tom

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