My question involves a foreclosure in the State of: CA
My parents have both passed and the loan company (21st Mortgage) is trying to bully us into payments or taking over a loan of which is more than the home is worth. Although it is on family owned property, it is not "real estate" and only "improvement". We have kept up payments, however, have been advised to stop and see what the loan company will offer. We had the home appraised and, if in best of shape, could get $18K -$20K if sold to retailer or $10K-$12K to wholesaler. The prices don't include the fact that carpet and subfloor would have to be replaced due to cat urine and the fact that they also urinated in one of the floor registers. (This is also one of the poorest counties in the state and NOTHING is moving in that area) We had to bring the unit to our land through our neighbor's property of which they will not allow again. Only other way would be helicopter it out. What are our options and time frame of negotiating w/them as I've read that other people w/21st mortgage are not having any luck w/short sales, etc. Can they lock the home and us out of it? Would it be to our benefit to hire a lawyer to deal w/them? Any advice is helpful as time is closing in on us.