1) Are you ABSOLUTELY SURE that mortgage is not in the names of all 4 siblings. I've seen refi's in this same situation and 3 of the 4 siblings did not know they were on the mortgage !
2) Do you have a copy of the Deed of Trust ?
3) Do you have a copy of the Affidavit Deed (upon death of dad) transferring the property to the 4 of you and subsequently the Deed transferring the property from the 3 of you to your brother?
4) Have you contacted the Title Company who handled the Transfer / refinance / sale to see what they have in their file?
If you want, you can send me a direct e-mail and I will get some of these docs for you.
Broker # 01398570
You may want to contact a real estate attorney. I can provide one if you would like his information.
Talk to you soon
Ingrid Ski Realtor
Yes they can foreclose and Mona (see below) gave you a good idea, can the current note be brought up to date and then the property sold. I would call on a real estate attorney and maybe a title company since there appears to be issues or at least doubts regarding title.
My advise is not legal advise either so if you need a referral to a good RE atty let me know.
Brian Wilson, Realtor
Once the property forecloses, title will revert back to the bank.
The question in my mind is, does the property have equity? if it does, they "may" consider paying off the bank what's owed and selling the property at a profit later. Our company offers bridge loans, just so you know.