- Location
- Sound Beach,LI
Looking for a real estate lawyer to help me with my moms house . The house is in arrears and my mon dont want it. Im living in it and want to take it over. If anyone knows a good lawyer for this please pm me. Thank you
Need a LI real estate lawyer
- Thread starter fishman1069
- Start date
- Location
- NY
NOT A LAWYER
With that said, I believe you would need to bring the house current (use your money if your mom doesn't want to). Then when everything is up to date have your mom 'sell' the house to you at market value (basically the amount of the current mortgage). Easy stuff. That will get the deed into your name and you'll be the new owner.
If you let it go to foreclosure the bank holding the mortgage will bring it to auction and you'd need to bid on it like any other person looking to pick up a foreclosed property. The opening bid will be the amount of the outstanding mortgage with expenses and go up from there. Doing it the way I suggested by buying it direct from your mom for the price of the outstanding mortgage (with bringing it current first) would put you ahead of all the other potential bidders at the auction so you'd get it for the 'opening bid' so to speak.
I'm not a lawyer, but I was a mortgage broker for 13 years.
Russ
With that said, I believe you would need to bring the house current (use your money if your mom doesn't want to). Then when everything is up to date have your mom 'sell' the house to you at market value (basically the amount of the current mortgage). Easy stuff. That will get the deed into your name and you'll be the new owner.
If you let it go to foreclosure the bank holding the mortgage will bring it to auction and you'd need to bid on it like any other person looking to pick up a foreclosed property. The opening bid will be the amount of the outstanding mortgage with expenses and go up from there. Doing it the way I suggested by buying it direct from your mom for the price of the outstanding mortgage (with bringing it current first) would put you ahead of all the other potential bidders at the auction so you'd get it for the 'opening bid' so to speak.
I'm not a lawyer, but I was a mortgage broker for 13 years.
Russ
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