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  1. #1
    Join Date
    Jan 2014

    Default Foreclosure on Inherited Property

    My question involves a mortgage in the state of: Florida
    Inherited a condo in may 2013 from my father who had died in 2001. Will probated in May 2013 and condo in foreclosure for homestead penalties applied to property. Mortgage balance was only 2900.00 since we paid it for 12 years. Penalties are adding up to 38,000 plus 2900.00 total. Can't get approved for loan! Tried new mortgage, home refinance, home equity. Condo worth 120,000 or more. I have a home in NJ with 293,000 balance and have other debt. Want to keep it and know I can sell but looking for some way to do that. Don't have 42,000 to pay penalties and mortgage balance. So frustrated! Tried recouping some of the penalties from Broward County bc they said if heirs lived there we could. No word yet and feel since Wells Fargo paid penalties we won't see money back. Any advice?

  2. #2
    Join Date
    Jan 2006

    Default Re: Foreclosure on Inherited Property

    pay what is owed, sell it, or let it be foreclosed. You can't expect those that are owed money to simply let those debts go.

    Apparently the lenders you have looked at have no desire to foreclose on the property in what appears to be a very soon event. If you cannot get a $42k loan on a property worth $120k, they must see you are simply not able to pay the projected payments and as such would be dealing with a foreclosure very soon and do not want to deal with the problems. Otherwise, you should have banks knocking on your door offering the money since it is such a good investment for them.

    Why was probate delayed for 12 years? You obviously knew about your father's death as you state you were paying the mortgage. It almost looks like you delayed probate thinking you could continue to pay homestead exemption level taxes but found out otherwise and are not not able to repay what is owed.

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