Hi everyone. I wholesale on Long Island NY. I don’t deal with pre-foreclosures in Queen, NY. This woman reached out to me looking for help. I’d like to help her but this is not may area.
Is there anyone in Queens that can take a look at this? Her message below. Please let me know ASAP!!
My mom had a reverse mortgage and died. I inherited the property. I have been trying to get a mortgage but my debt to income ratio is too high. I am currently in foreclosure
with an auction date of sept 13th.
I would like to save the property or at least know what my options are to stop the auction.
@Matt McLaughlin I've never dealt with a reverse mortgage personally but I've read from other posters here on BP that it works like other loans in that there is a payoff amount. If you pay the payoff, then you pay off the loan and the foreclosure stops. I could be wrong so you need to double check this.
However, I don't have much sympathy for your seller. Foreclosures in NY take a notoriously long time before you get to the sale, typically years. Why did the seller wait this long before dealing with it? Many heirs stay in a property for free and then panic when the sheriff's sale is imminent. Should've taken action earlier....
@Andy Mirza thanks for your feedback. I’ll look into this.
Also when I’m asked for help, I help. If they get help and I make profit, it’s win win. I leave other emotions at the door.