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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] How about a "friendly" foreclosure? Posted by Ward-CA- on May 05, 2003 at 7:10 PM In Reply to: Stuck posted by njdave on May 05, 2003 at 1:51 PM : Deed and mortgage in husband's name only. Hubby returns to native country leaving behind wife and 3 kids. Unable to pay the loan, the mortgage has been foreclosed. Wife can't speak with lender to seek reinstatement, or sell to salvage equity. : Hubby might be dead, no contact for 6 months. : What can I do to help her? =•=•=•=•=•=•=•=•=•=•= Dave, Is the foreclosing lien the only lien? If there’s a junior lien then you might be in luck. The idea would be to buy the junior and reinstate the foreclosing senior and then do a “friendly” foreclosure on the junior lien. If the combined balances of the senior and junior liens were high enough, no outsider would bid at the sale of the junior and the title would go to the “friendly” mortgagee. The “friendly” mortgagee could take title in a title holding trust with your client as the unknown beneficiary and nobody would be the wiser. Follow Ups: Re: How about a "friendly" foreclosure? njdave 5:09 AM, 05/06/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Deed and mortgage in husband's name only. Hubby returns to native country leaving behind wife and 3 kids. Unable to pay the loan, the mortgage has been foreclosed. Wife can't speak with lender to seek reinstatement, or sell to salvage equity. : : Hubby might be dead, no contact for 6 months. : : What can I do to help her? : =•=•=•=•=•=•=•=•=•=•= : Dave, : Is the foreclosing lien the only lien? If there’s a junior lien then you might be in luck. : The idea would be to buy the junior and reinstate the foreclosing senior and then do a “friendly” foreclosure on the junior lien. If the combined balances of the senior and junior liens were high enough, no outsider would bid at the sale of the junior and the title would go to the “friendly” mortgagee. : The “friendly” mortgagee could take title in a title holding trust with your client as the unknown beneficiary and nobody would be the wiser. Optional Link URL: Link Title: Optional Image URL: [ 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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