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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: strange foreclosure/probate scenario Posted by Rick Harmon on October 20, 2003 at 8:32 PM In Reply to: 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? Dear RM- Why would the mortgage company inquire as to the other assets in the estate? Also, why do you want a house that's over encumbered (this is a good question for a lot of the people who post here who seem to want a property, any property, even tho' there's no profit in it). If OCWEN will take a short sale, I'd go after the insurance money and somehow try to apply it against the real property (I admit it's a long shot) Maybe there's some other angle to this that you're seeing that I don't. Will buying time help you find the owner? Rick Harmon Follow Ups: 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? : Dear RM- : Why would the mortgage company inquire as to the other assets in the estate? Also, why do you want a house that's over encumbered (this is a good question for a lot of the people who post here who seem to want a property, any property, even tho' there's no profit in it). : If OCWEN will take a short sale, I'd go after the insurance money and somehow try to apply it against the real property (I admit it's a long shot) : Maybe there's some other angle to this that you're seeing that I don't. Will buying time help you find the owner? : Rick Harmon 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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