Overturning a foreclosure
Attached is a link to an article where a property was foreclosed on. It was purchased by a third-party borrower, who, when they accessed the property, found remains.
Now many may wonder why this foreclosure could be overturned, but in order to foreclose, you must properly notify the borrowers. If the borrowers were deceased, then you need to notify the next of kin. We had something similar where the borrower had deceased and there was an argument over the probate and who was going to handle it. During that dispute, we could not foreclose because we could not provide the proper notification, because they had not been selected on who to notify.
Just another quirky little thing that can happen that can slow down a foreclosure for any of those investing in mortgage houses.
https://www.nbcnews.com/news/us-news/human-remains-found-connecticut-home-rcna350477
- Chris Seveney
