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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] The question is, "what will happen?" Posted by Rick, the Probate Guy on May 15, 2009 at 6:15 AM In Reply to: What to do? posted by CHC on May 14, 2009 at 9:31 PM Since you don't post the figures (value, debts, repairs, equity) it's hard to say what the merits of trying to salvage this situation are. Since you brought up loan mods, I'm only guessing that the niece got a house without any/much equity to squabble over. There would be no benefit to probate that, especially if the owner already transferred the house to niece by Grant deed prior to death. I have no idea what lender/servicer might do when the person wishing to mitigate the loan is not the original trustor/borrrower. She may now be on title but she's not on the loan and it doesn't help that she's let the mortgage go delinquent. If I were the lender, I might work with her to short sell the property, but only because it may be easier/faster/cheaper than taking it to sale, evicting, etc. FYI, it's her deceased Uncle's credit that's been affected, not her's. So, I give this one a pretty low shot at being able to mitigate this loan and keep this going unless there's some positive, offsetting information. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Since you don't post the figures (value, debts, repairs, equity) it's hard to say what the merits of trying to salvage this situation are. : Since you brought up loan mods, I'm only guessing that the niece got a house without any/much equity to squabble over. There would be no benefit to probate that, especially if the owner already transferred the house to niece by Grant deed prior to death. : I have no idea what lender/servicer might do when the person wishing to mitigate the loan is not the original trustor/borrrower. She may now be on title but she's not on the loan and it doesn't help that she's let the mortgage go delinquent. If I were the lender, I might work with her to short sell the property, but only because it may be easier/faster/cheaper than taking it to sale, evicting, etc. FYI, it's her deceased Uncle's credit that's been affected, not her's. : So, I give this one a pretty low shot at being able to mitigate this loan and keep this going unless there's some positive, offsetting information. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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