Inherited Property In Foreclosure

[quadesij]

Are there rights protecting inherited property from foreclosure? Property located in Texas. Could a mortgage be satisfied separating a manufactured house from the inherited land?

[aaron]

If mortgage payments are not made, the mortgage lender can foreclose against the real estate which secures the loan. If you believe it is possible to separate the manufactured home from the land, and presumably selling the manufactured home to raise funds to pay off the mortgage, that's an option you (or the estate; you don't make clear what the status of the estate is) should explore; you may need the lender's approval.

[quadesij]

The lender is the inherited person of the land. Mortgage was originally set up using the land as the collateral. Lender got behind in payments because of divorce/financial hardship. Now bank wants to sell property on May 2, if lender can not pay $2800 in back payments by March 31. Texas is not a redemption right state and I couldn't think of any alternative to help him. Should the lender do everything possible to pay the $2800 by March 31st, then once the property is out of foreclosure begin the process of selling the manufactured home?

He has an interested buyer at this time. Are there ways that the interested buyer could refinance or purchase the home from the bank that has the lien, or buying the home for an agreed price and the original lender paying the difference?

[Mr. Knowitall]

You mean "borrower"?

[quadesij]

I meant borrower not lender.

[Mr. Knowitall]

It would very much make sense for the borrower to get the property out of foreclosure and, if he is so inclined, to then sell it.