Q: Hi my fiance passed away with no will in 2018. His mother and I want to resume the mortgage. We haven't paid on it in 2
Years. And I executer relieved foreclosure papers today. If we want the house to be in both of our names what do I have to pay in taxes and is it split considering his mom is heir? What are the taxes based off of? What assessment does it come out of if none has been done since 13
A: You said you have been served a foreclosure action. You have to respond to this Court Action as soon as possible. You have 20 days to object to the complaint and 30 days to file an answer and new matter. If you fail to respond properly the Bank attorney can file for a default judgment. If default judgment is entered the next step will be filing the Writ of Execution and scheduling the Sheriff Sale where the property will be sold to satisfy the Mortgage and any taxes and fees that the Bank has paid on your fiances behalf. You should retain an attorney ASAP if you intend to keep the property. You want to protect your rights as an heir. You should look for an attorney that has experience in these matters.
A:
I agree with the prior answer, as far as it goes.
I've been representing both financial institutions and debtors who owe money to them and others for the last few decades. Lenders want a "performing asset" (for a lender, an asset is a loan on its books, and performing means paying according to the promissory Note). While the mortgage on your inherited property is in sufficiently serious default that the mortgagee has paid an attorney to file a foreclosure complaint, no legitimate mortgage lender wants the property; they mostly know, and deal in, money, not real estate.
Especially where there is equity value in the property, most lenders are willing to alter the mortgage/note terms, adjust the interest rate to current market, if only the borrower will start to make payments again. It would be common for either the mortgagee, or borrower, to propose that much, with a good chance of acceptance. Alternatively, at least in the current market, there are several lenders out there who would be interested in a refinance, paying off the current mortgagee and funding a new first mortgage on the property.
Don't delay. Hire counsel to defend the foreclosure action, but also to convey your offer to reinstate the mortgage debt in a way you and your mother-in-law can feasibly do.
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