What happens when it's an ESTATE sale.. what is the bank looking for....

I really have a good for you all.

 

 My client's father passed away not leaving a will. Now the family memebrs are trying to complete a short sale on 2 properties. We don't have any information on the Banks so we don't have a clue who holds the mortgages on these loans.

 

I would like to know..

1.  if anyone submitted a Short Sale package on an estate sale before. What should the short sale package contain?

 

2. How to research on finding who holds the mortgage on these homes since my family doesn't have any paperwork on them.

 

3. How to stop an AUCTION on one of the home, so that we can do a short sale on it. As requested my the family.

 

I would really appreciate some feedback on this one.

 

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Permalink Reply by Bryant Tutas on April 14, 2010 at 9:44am
Donna, The only thing I would ask is why bother with the short sale? If the deceased is the only one on the mortgage and note then why go through the hassle? I can't think of any benefit at all for the heirs or relatives.

I recently had this situation with the spouse of the deceased. They were way upside down and once her husband dies there was no way she could make the payments. she just moved. It will not affect her credit at all as she is not on the loan.

Certainly the family in your case should seek legal advise but I really can;t see what good a short sale would do for them.
Permalink Reply by Donna Paul on April 14, 2010 at 9:54am
That was my first response why bother. I believe that the family has other assests and the bank may come back and seek payments through the estate. I think that's there motivation for completing a short sale.

I just got updated information on finding infor on this: I found one of the bank and customer services told me that they need a death cert. and document stating who is the new administor to the estate that needs to be included in teh S/S package.
so i'm working on this one... Thanks for the input Bryant on this one....

Bryant Tutas said:
Donna, The only thing I would ask is why bother with the short sale? If the deceased is the only one on the mortgage and note then why go through the hassle? I can't think of any benefit at all for the heirs or relatives.

I recently had this situation with the spouse of the deceased. They were way upside down and once her husband dies there was no way she could make the payments. she just moved. It will not affect her credit at all as she is not on the loan.

Certainly the family in your case should seek legal advise but I really can;t see what good a short sale would do for them.

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