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  1. #1
    Join Date
    May 2006
    Location
    St. Louis, MO
    Posts
    2

    Default Mortgage Problems Close to Foreclosure

    Ok, heres the scenario. My father, who me and my wife live with, is disabled and on a fixed income, and its been difficult since my mom passed away in 2002, for him. We mainly take care of him. Weve had some difficulties with making payments, such as house repairs and other stuff. May dad told me to pay other bills and such with another mortgage payment (he is not good with finances), cause he was going through refinancing with another company. Well that fell through (due to the house value), and we are around 3-4 months behind. Now we have discussed it, and we think its time to move on, and leave the house and go into a 3 bdroom apartment (easier on repairs and other stuff). Originally I was just going to leave the place and let the mortgage company have it, but a friend recommended to try to sell it for a lil over what the mortgage is at... The house was appraised at 135,000 just a week or so ago, and the mortgage is around 109000. Places that buy ugly homes and such wont work, and we could use some extra for moving expenses too.

    Now my questions

    Is it possible to sell the home to pay off the loan or foreclosure stuff before we lose it?

    If so, any recommendations? We want to sell the home as is...and as is is valued at 135000....but we would take less than that... Who can we go through....what can be done?

    Any help apprieciated...

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Mortgage Problems Close to Foreclosure

    Is this house owned by you and your wife, or by your father?

    Although I'm not telling you anything you don't already know, whether or not you could sell it in advance of foreclosure depends upon whether you could find a buyer.

  3. #3
    Join Date
    May 2006
    Location
    St. Louis, MO
    Posts
    2

    Default Re: Mortgage Problems Close to Foreclosure

    The House is Owned by my Dad, but he's not that computer Smart... So Im inquiring to find all the information I can to present it to my dad.

    Yeah, I figured about finding a buyer... but lets say this... if a buyer is found while it is amongst forclosure....can it still be completed, paying off the loan and such.

    Quote Quoting aaron
    Is this house owned by you and your wife, or by your father?

    Although I'm not telling you anything you don't already know, whether or not you could sell it in advance of foreclosure depends upon whether you could find a buyer.

  4. #4
    Join Date
    Jan 2006
    Location
    Charlotte NC
    Posts
    39

    Default Re: Mortgage Problems Close to Foreclosure

    Yes your father can sell the home while it is in foreclosure. Typically once the house is sold at a sheriff sale, you have 6 months to redeem the property or sell it. Remember, depending on your area, you may pay 5%-6% of the purchase price to the agent ($135,000 x 6%= $8,100) If you want to sell the house quickly, I would suggest you contact a real estate agent. If you have a buyer, either contact a real estate lawyer or even a title company. (some title companies will help with for sale by owner transactions.) It will cost alot less.

    Just so you know, I am a state licensed appraiser in the State of Mighigan and have 6+ yrs of experience.

  5. #5
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Mortgage Problems Close to Foreclosure

    According to this site,
    Quote Quoting Redemption Rights in Missouri
    Borrowers have redemption rights in Missouri only if the buyer at the sale was the lender, but not if the buyer was anyone else. However, the redemption requirements are so cumbersome that most borrowers do not take advantage of this right. First, the borrower must give advance notice of their intent, either at the sale or 10 days prior to the sale. Second, the borrower must post a bond within 20 days after the sale, which provides an amount equal to the following: the mortgage interest, any secondary loan interest, and taxes that will accrue for one year after the sale; foreclosure expenses; legal fees; damages; plus 6 percent interest. If able to meet these requirements, the owner can redeem the property within one year by paying off the amount owed plus any fees.

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