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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] strange foreclosure/probate scenario Posted by rm on October 20, 2003 at 7:15 PM Got a call from personal rep in response to my pre-foreclosure direct mail piece. Estate is getting 100k insurance proceeds. 168.5k owed on the home. It's worth maybe 150 in PERFECT condition, needs 10k in repairs. Ocwen will not take a DIL. Home was winterized and locks placed by field svc co for the mortgage co. In MI, we have a six-month redemption on occupied properties, which shrinks to 30 days if vacant. If the "owner" gets a tenant into the property on a 12-month lease, would the mortgage company have to comply with the lease? Just looking for ideas to buy time. Also, what's the likelihood a mortgagee will take a short as payment in full if there are assets in the estate? Follow Ups: Re: strange foreclosure/probate scenario Tom (MI) 9:23 PM, 10/20/03 (2) Re: strange foreclosure/probate scenario rm 5:48 PM, 10/21/03 (1) Re: strange foreclosure/probate scenario Tom (MI) 9:56 PM, 10/22/03 (0) Re: strange foreclosure/probate scenario Rick Harmon 8:32 PM, 10/20/03 (1) Re: strange foreclosure/probate scenario rm 5:52 PM, 10/21/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Got a call from personal rep in response to my pre-foreclosure direct mail piece. : Estate is getting 100k insurance proceeds. : 168.5k owed on the home. : It's worth maybe 150 in PERFECT condition, needs 10k in repairs. : Ocwen will not take a DIL. : Home was winterized and locks placed by field svc co for the mortgage co. : In MI, we have a six-month redemption on occupied properties, which shrinks to 30 days if vacant. : If the "owner" gets a tenant into the property on a 12-month lease, would the mortgage company have to comply with the lease? : Just looking for ideas to buy time. : Also, what's the likelihood a mortgagee will take a short as payment in full if there are assets in the estate? 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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