Well, our attorney advised that we let it go back to the bank... at the foreclosure sale the mortgage company sends a representative that will bid as high as the loan amount and then we could make an offer after they buy it back.... at much closer to actual market value.
BUT.....
We want the sure thing and the quickest route..... so we are moving in and simply making the payment as it has already been set up. They don't care WHO is making the payment...so long as it gets made every month. We'll have to put the house through probate when we're ready and the attorney is pretty confident that given the situation, state and value of the house and the size of the mortgage that if necessary the judge will force the other brother to sign off the deed. So that is our plan.
You really need to speak with an attorney.... many will give free consultations. And even their paralegals have tons of information they will share also.
But yeah, it really matters on WHO the mortgage company is..... some are willing to work with you... some just do it by the book even if it's bad for them in the end. A lot of it has to do with the title also.
Good luck
Well, starting Mon. we're gonna get the burn pile going and start cleaning the house and gutting the bathrooms
It'll be a HUGE undergoing... I'll post pics... you won't believe the before and after
I'm not even sure I will when it's all done.... so many years of it being just how it is now...... it'll be strange at first to see it undergo this transformation.