Hi okay here the situation, My sister in-law purchased two home's around the same time of March last year, One was a property for me which i live in, pay the mortgage, made the down payment, pay taxes, etc. The second was intended to be a rental (investment property) which is around 3 months late. She was served legal documents around 3 weeks ago that basically say do you agree that you owe us this money? and you have 30 days to respond. I have already been to lawyers (4) about this but none of them tell me what steps and procedures we are going to take
until we talk cash first which i dont have too much of at this time, now i know everyones gotta eat and I'm not knocking that but you know how you can just tell that once they get the money in hand they will feel 80% of there part is done,but anyway I'm getting sidetracked, My question is what should her response letter say (I'm not looking for an exact word for word answer but general) maybe there is a legal document I can fill out or whatever looking for some type of insight.
Now she is willing to do one of two things with the property (the one thats in foreclosure) 1 : Just let it go, and if she takes this step how should she respond?
2. If possible still try and get a renter in there A.S.A.P,also what should her response be in this situation?
When i ask what should her response be above I'm talking about the papers that the mortgage companies attorney sent which says she has 30 days to respond
Here is some key information: The total owed is way more then the property could appraise for because of dropping values
My sister owns a total of 3 properties Hers (which is current) Mine (also current) Investment (3 months late)
On the property that I "own" I am not on the deed (ONLY her name)
Should I do a quitclaim deed in case they want to take legal action (Can they do this?) further on her "other" properties
Also obviously you can only Homestead 1 property(hers currently), so that is why i was thinking of doing the quitclaim deed in hopes that i can homestead the property being that i do live in it.
Any and all help greatly appreciated and thank you in advance !!!