Foreclosure in 92508>Question Details

Darcy Or Tim, Real Estate Pro in Riverside County, CA

Mom died in home and home worth way less than mortgage and no job - have POA

Asked by Darcy Or Tim, Riverside County, CA Sun Aug 12, 2012

We have family who's mom died and left her a home (she has power of attorney) The mortgage is about $200,000 the home is worth about $110,000 and they can't afford the mortgage payment, but have been trying to pay here and there as get money from odd jobs. Fiance and her don't work currently and have a young child. What's best option for them so they are not put on streets with a lil one? Is short sale do-able? or must they just wait til a foreclosure process starts? She has not put the home in her own name, plus don't have the funds to do so. They receive food stamp assistance. The Mom did pass away in the home in December 2011, coroner removed body right away. Payments were being made by these two up til about May or maybe even June via cash mom had left in the home from a very small inheritance she received. Help.

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7
Ruth & Perry Mistry’s answer
Hi Darcy or Tim

The best option for the family is a Short Sale, prudent to start the process right away.

However, if the home Sells then they have to move out and will receive no money from the sale and will
Likely be homeless or need to seek Homeless Assistance right away.

If they wait for foreclosure it is likely they will be able to stay in the home
For a few months, but at some point in say 3 - 6 months they will be forced to move out after
Foreclosure.

Good luck.
Perry
Web Reference: http://www.ruthandperry.com
0 votes Thank Flag Link Sun Aug 19, 2012
We are currently negotiating a short sale for a family with a similar situation. The father passed away, and the son is selling the home short. The process has actually gone much smoother than we, or the family expected. A short sale of a home that is part of an estate, is very different from a more traditional short sale. You need to collect different paperwork, and submit it to the bank. I agree that you should get some legal advice, but I think you can do that at the same time that you talk to a real estate agent. Talking to an agent may give you an idea of what questions to ask the attorney, and they may even have a recommendation of who to speak to.
I see that several agents have offered to help, and we would love to help you too. Give us a call if you need some guidance with this. A short sale can be overwhelming, especially in this situation, but if you have someone that is experienced and knowledgeable by your side, it can be much easier, and less stressful.
Give us a call, or shoot over an email, if you would like to talk about your options.


Graham Levine
RE/MAX Champions
(951)534-9296
graham@grahamandthehometeam.com
0 votes Thank Flag Link Sun Aug 19, 2012
Hi again, Darcy & Tim,

I see answers that say "a short sale may best" - It is true a short sale is ALWAYS best for the real estate agent. That includes us.

We are interested in what is best for you - please get that legal advice quickly!

You can be eligible for the moving money simply because you live in the home - you don't have to own it. That does not guarantee there will be 'cash-for-keys', but it does happen more often than not in our experience.

Above all else, get the RIGHT advice from the RIGHT source so you can make the decision that is best for you.

Have a GREAT day!



Larry and Rosemary Utesch
Keller Williams Realty
951-313-2823
951-682-6789
0 votes Thank Flag Link Mon Aug 13, 2012
Hello Darcy or Tim,

I would need to consult our legal council to be certain, but it sounds like a short sale might be your best option.

Please contact me so I can get some more information from you.

Thank you.



Craig Chastain
Next Level Realty
Realtor/Owner
909.243.4251
sellyourhomewithcraig@yahoo.com
0 votes Thank Flag Link Mon Aug 13, 2012
A competent Realtor can check the title and tax records for you, then see if a short sale or other remedy is possible that might at least get them a little time and some relocation expense money.
0 votes Thank Flag Link Sun Aug 12, 2012
Hi Darcy, Tim I would like to know where is the home located?
0 votes Thank Flag Link Sun Aug 12, 2012
Hi, Darcy or Tim,

You DEFINITELY need legal advice. Look online or in the phonebook - most lawyers offer an initial (usually 1 hr) consultation free.

This really isn't a real estate question, but rather a legal question.

There is normally months (4 or more) from the time a 'Notice of Default' (NOD) is filed on the property until the trustee sale, and then someone will most often come to the home and negotiate with the occupants to move out. Sometimes this can involve cash payments to leave the home clean and without damage. Discuss this during your free consultation.

If you cannot afford to keep the home, do all you can to protect your credit to enable you to purchase a home you can afford.

Good Luck

Larry and Rosemary Utesch
Keller Williams Realty
951-313-2823
951-682-6789
0 votes Thank Flag Link Sun Aug 12, 2012
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