My grandfather owns a 3 unit property, he fell on mortgage payments when my grandmother's health worsened. She passed this March. While he understands he owes several thousand dollars on the mortage his bank will not work with him. There is over $50,000 in equity on the property even after all the medical expenses. However the bank says its a closed deal and refuse to wrok with him. Here is the situation. He is moving in with his son downstairs so he can rent out the other 2 units, also, he is thinking of a "gift" of equity to his son and his wife to hopefully sell/transfer ownership to them, refinance the mortgage for 30 years, he doesnt care if he walks away with no money, he just does not want to lose his property. I dont understand how a bank can refuse to work with him like this, he has options. There is equity on the property it was appraised. I am looking for some help, answers, resources to help him. Does anyone know of any solutions that could help?
2007-05-09 10:23:36 · 9 answers · asked by marthafocused2 2 in Business & Finance ➔ Renting & Real Estate
thanx for all the answers, actually on the last answer, Wells Fargo are the ones that are trying to take it away. The "gift" of equity is $20,000, we will fight this to the end. thanx everyone.
2007-05-09 14:35:35 · update #1
See if he can re-finance the mortgage with another bank and pay that one off.
2007-05-09 10:29:55 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Based on the information you gave it sounds like the bank is "calling the loan." The way mortgages work if you miss x amount of payments(it varies by lender how many) they can accelerate the loan and make the entire amount due immediately. If you can get another lender to finance the property for the amount his Leander is saying he owes you can pay of his lender and go with the new one. Just do it quickly, you will only have a short time to pay off the loan.
2007-05-09 11:34:45 · answer #2 · answered by darinalvarezrealtor 2 · 0⤊ 0⤋
Don't contact Marty from Premium Loan Sharks. You need to be careful that your father does not fall victim to a loan fraud or identity theft problem. As you can see, there are plenty waiting to take advantage of his situation.
Your father can do as you describe, as long as the bank receives the full amount owned to them.
Gifting that much money is not a very good idea. He needs to cut if off at 30k otherwise the recipient is heavily taxed.
I would contact a LOCAL bank, I like Wells Fargo, or a reputable mortage company like Country Wide and talk to them about refinancing.
2007-05-09 13:52:43 · answer #3 · answered by Anonymous · 0⤊ 0⤋
As long as the bank is following the mortgage agreement to the letter, not much can be done, other than refinance the property.
2007-05-09 10:30:07 · answer #4 · answered by ♥♥The Queen Has Spoken♥♥ 7 · 0⤊ 0⤋
Contact an attorney immediately. If they wont work with you an attorney can review the property and the transaction to see if possibilities exist to reform the existing obligations. The company may not pay much attention to you, but you will get their attention if they are forced to speak with an attorney. Be prepared to pay a retainer, but that's what it may take to save the property.
2007-05-09 15:35:20 · answer #5 · answered by weidnerlaw 2 · 0⤊ 0⤋
First thing is to stop blaming the bank. Its your grandpas fault for not paying the loan. I don't know why no one else mentioned this to you . If you stopped acting like a victim and just took control of th situation you wouldn't be in this position.
Just refi with another bank.
2007-05-09 15:28:39 · answer #6 · answered by frankie b 5 · 0⤊ 0⤋
Consult a Real Estate attorney.
2007-05-09 10:30:09 · answer #7 · answered by exposecorruptionincookcounty 1 · 0⤊ 0⤋
go to another mortgage broker to see if they will refinance the whole deal removing this current bank from the picture
2007-05-09 10:29:01 · answer #8 · answered by goz1111 7 · 0⤊ 1⤋
extremely. My grandfather handed directly to the excellent beyond in the previous i became into born, so i've got continuously felt certainly one of those void in my existence. He sounds like he could have been an exceptionally thrilling guy, and that i might have enjoyed to fulfill him. while my different grandfather handed directly to the excellent beyond, I hated myself via fact I felt like I could have made extra of an attempt to flow see him while he became into ill, and that i could are starting to be to renowned him extra advantageous. that's thoroughly accepted, and it does bypass with time. I advise in step with danger asking your mom and dad lots of the unasked questions, in case you know what they are. i'm getting that in many situations you merely get the sensation that there are unasked questions, yet once you have been to have one extra face-to-face communication with your grandfather, you likely does not be waiting to voice them. that's difficult, and that's complicated, i know. yet once you do know what you will possibly have enjoyed to ask him, ask somebody else who would know the respond. With time you will experience lots extra advantageous. you are able to verify unresolved conflicts, ask unasked questions, and you will extremely nevertheless say the failings which you such as you had pronounced. Do it for the launch. Do it via fact, hiya, in step with danger he's listening.
2016-10-15 05:33:42 · answer #9 · answered by ? 4 · 0⤊ 0⤋