My brother was murdered by his wife. She was convicted and sent too jail. I am administrator of my brothers estate. The house was jointly owned by both my brother and his wife. Prior too the murder, My brothers wife remorgaged the house for $150,000, the value of the house is apx.$300,000. The loan taken on the house is an adjustable rate, and I can no longer afford to pay the loan. I dont want to loose the only thing the children still have left. We live in Pennsylvania and my idea is to default on the loan and force the house into sheriff sale. I would then hope to bid and win the house through sheriff sale. I would like too know if what i am doing is legal, and what are my chances of winning the house back at sheriff sale.
1. House is owned by both the children and their mother.
2. Mother refuses too turn house over too children
3. Wrongfull death suit has been filed, (could take years)
4. Mortgage payment went from 1200 too 1700 in 18 month
Please help
2007-10-07 17:26:02 · 5 answers · asked by paul g 2 in Business & Finance ➔ Renting & Real Estate
It's legal. But it is not wise and very risky.
The lender will pay whatever is owed to recoup their investment. If you think you are going to purchase the house back for a fraction of what is owed, you won't. There are people watching sheriff's sales and foreclosure sales looking for bargains, then there is the lender.
You should look into refinance it into a fixed rate. Ask a judge to intervene on behalf of the children, a CYS agency in your area may be able to recommend counsel that will take the case pro bono or at a reduced rate.
Good luck.
2007-10-07 18:03:32 · answer #1 · answered by godged 7 · 1⤊ 0⤋
Defaulting on the home mortgage, hoping to recoup ownership in a Sheriff's auction is dumb, for it doesn't work that way----and it wrecks YOUR credit score.
Honestly ask yourself if you can rent out the place for $1200 a month. If the answer's "yes", then I'd make a try for that.
If the answer is "no", then your other option is to have the imprisoned wife sign over sole ownership (likely won't happen) to you. You then real-estate sell the property and channel the $$$$ into an account you control for the children's future when they reach age 21.
Bear in mind: next to regaining freedom, a prison inmate's next goal is securing steady $$$$ flow into their drawing accounts---so expect sticky political dynamics from the embittered covict wife. You might do well to retain a tough real estate lawyer/neogiator that's worth the $$$ from the sale to pay for his or her services. They can pose an offer that best suits the children's sakes; one the jailbird wife would be wise to accept.
2007-10-07 17:40:19 · answer #2 · answered by Mr. Wizard 7 · 0⤊ 1⤋
You need legal advice that is FAR beyond what anyone here can give you for one very important reason:
The mother CANNOT LEGALLY CONTRACT because she is now the ward of the state. You can't sign contracts when you are in prison without a judge's approval.
You need a real estate attorney to advise you.
PS: Even if you stopped paying, it doesn't affect your credit b/c the mortgage was NEVER in your name. Being the executor, doesn't legally make any of the financial obligations personally yours. It belongs to the estate, and that is NOT the same thing.
2007-10-07 20:14:42 · answer #3 · answered by Expert8675309 7 · 1⤊ 0⤋
I know no legal mumbow-jumbo. All you can do know is pray and justice will be served. The Lord hears all who call out to him.
2007-10-07 17:33:38 · answer #4 · answered by stein dizzy 2 · 0⤊ 1⤋
trulia.com go there for a good site to buy houses for cheap just insert zip code.
2007-10-08 00:33:43 · answer #5 · answered by . 3 · 1⤊ 0⤋