OfflineHello DG Forum,
I've purchased Deans books about a week ago and have been hammering away every since. I am very interested in doing wholesaling aka assignments. I found a property this morning but have never dealt with a situation like this before in my career. Here are the specifics and I am wondering what I should do. The family is willing to let me put it under contract.
Here goes...
Grandparents left the family a property that is in poor condidion. It has a reverse mortgage on it that equals more than the property is worth. Both the owners are deceased. The Daughter is the executor of the estate. I was thinking I might try to work with the lender and build a case regarding the condition of the property. Any Ideas would be greatly appreciated.
Contact a mortgage broker that specializes in reverse mortgages. There are specific rules and I am not an expert nor are all brokers. I know when the owner dies it is up to family what do to with the property. I think that the loan still has to be repaid. Since it is worth less ( I am guessing because of the Market) the lender might take less, but probably the difference will have to be paid from the estate. Daughter may take less just to get rid of it anyway. Comment on how it turns out if you do not mind. Would like to learn.
Good Luck,
Theresa