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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: strange foreclosure/probate scenario Posted by Tom (MI) on October 20, 2003 at 9:23 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? Just a note about the redemption period. It will be 30 days if the property is deemeds abandoned, not vacant. There are procedures they will need to do in order for it to be considered abandoned. Look to see if there is an affidavit that was filed for abandonment at the register of deeds. Good Luck, Tom Follow Ups: 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) 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? : : Just a note about the redemption period. It will be 30 days if the property is deemeds abandoned, not vacant. There are procedures they will need to do in order for it to be considered abandoned. Look to see if there is an affidavit that was filed for abandonment at the register of deeds. : : Good Luck, : : Tom 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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