Orlando, FL · Member since 2017 · 26 posts · 6 votes
I'm not sure if anyone could be of help with this but I'm shooting my shot! Here it goes.. my grandmother passed in 2003 and left my mother and her three sisters a small house. They ended up taking out money to to fix up the property and to rent it out. To make a long story short the renters where horrible and no one was taking full responsibility of paying the refi. Bank of New York Mellon filed for foreclosure back in 2009! The voluntary notice of dismissal came in January 2011 and there has been no movement since. My question is is there a possibility for me to assume ownership of this property? I believe the bank has shady paperwork and therefore cannot move forward.. its been 7 years.
The timeline really means nothing as far as the legal ability to close. The idea of “shady paperwork” is usually just a delusion promoted by some.
Someone with legal control over the property /estate needs to reach out to the bank if you want to explore the possibility of a discounted pay off.
The timeline really means nothing as far as the legal ability to close. The idea of “shady paperwork” is usually just a delusion promoted by some.
Someone with legal control over the property /estate needs to reach out to the bank if you want to explore the possibility of a discounted pay off.
@Tamara Jefferson: Hi Tamara. I'm not licensed in FL, but I would recommend you speak with a local real estate attorney about how to deal with the loan. Even if the bank isn't actively foreclosing, it still has a lien on the property. Why would you want to put this property in your name unless there was a plan to deal with the mortgage? Good luck!
There was a Lot of false promoting of the idea of the 5 year SOL preventing banks from foreclosing, by foreclosure defense attorneys.....it was a delusion and lots of investors lost lots of money betting on that.
@Dana Whicker from what I discovered my mom filed for a modification after the dismissal.. She stated they denied the modification about 5 years ago. She states the loan keeps getting sold and they send her letters every now and again... I think she just wants to let it go but whoever has the note now has not filed anything with the courts. My aunt said an investor came by and made a comment that the judge must like us... I believe he was making a remark in regards to the dismissal back in 2011. So the answer to your question is I haven't a clue. The tax bill is still in my mother's name and someone has been paying the tax bill all these years...
The title is not clear so they cannot transfer the property to you. You could only assume the loan and I take it you think they could not prove they own the loan so you would not want to give them the chance. The only thing I think you can do is try to buy the property and though that process if the bank calls in the lien let them attempt to prove it to the courts.
The title is not clear so they cannot transfer the property to you. You could only assume the loan and I take it you think they could not prove they own the loan so you would not want to give them the chance. The only thing I think you can do is try to buy the property and though that process if the bank calls in the lien let them attempt to prove it to the courts.
Outside of a VA loan, no one is going to be assuming anyone else's loan.