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  1. #1
    Join Date
    Oct 2007
    Posts
    11

    Default Rights After Letting a Mortgage Go Into Foreclosure, in Indiana

    I have a question that I am asking on behalf of my mother.
    My grandmother (her mother) passed away on October 10, 2007. She has purchased a Condo two years ago and now my mother is plagued with what to do with it

    The Specs:
    Indiana
    She cannot own the property because it states must be 55 and older to own
    Interest only non assumable loan on condo
    $20,000 down
    Purchase price $148,000
    Listed at $139,000 Put on market October 31, 2007
    (Thinking it may sell for about $131,000 based on other condos for sale in community so will be taking huge loss on it)
    Balance owed $118,000
    Restrictions on leasing it out. Cannot rent it to anyone

    Estate less then $50,000
    Mother afraid she might end up having to pay more money at closing if condo were to sell

    My grandmothers will listed my mother and my uncle as 50/50 to the estate.
    Neither can afford to pay for anything. All the money from the estate is being used to pay outstanding bills and funeral costs

    What are her rights regarding letting the property go into foreclosure or calling them mtg company and telling them to take their house back?

  2. #2
    Join Date
    Jul 2006
    Posts
    5,437

    Default Re: Letting mtg go into foreclosure.. Rights? Indiana

    Q: What are her rights regarding letting the property go into foreclosure or calling them mtg company and telling them to take their house back?


    A: Have ma and the uncle call the lender and ask if they can do a deed in lieu of foreclosure. That means they deed the place back but don't pay off the mortgage.

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