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  1. #1
    Join Date
    Mar 2010
    Posts
    1

    Default Life Estate Foreclosure

    My question involves a foreclosure in the State of: West Virginia

    The short version of the story . . . my grandmother retained a life estate in the property my family lives in. She took a mortgage on the property, then moved out with her new boyfriend, now husband. During this time, she stopped making payments. I found out once the property was in foreclosure. My wife and I were not on the mortgage. I was able to complete 2 workouts . . . one with Countrywide and the other with Bank of America once they bought Countrywide, however, she refused to sign the paperwork for the workout. I am not in a position to outright purchase the home . . . hence the workouts. The property has since foreclosed and been sold to Freddie Mac . . . now we have received an eviction notice and have a month to vacate the property. My question is . . . . do I have any recourse against my grandmother or the banks since I was not afforded an opportunity to preserve our vested interest in the property? Thank you in advance for any advice or help you are able to give.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Life Estate Foreclosure

    How did they obtain a mortgage if their only interest was a life estate, without the signatures of the remaindermen? That suggests either that the mortgage was procured through fraud, or that the deed creating the life estate and remainder interest was never recorded.

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