Hello everyone.
Here's the following scenario:
Home owner deceased.
1st mort - 81k (Wells Fargo)
2nd mort - 361k (Wachovia)
The 1st started to foreclose 11/06/07. The 2nd started to foreclose 12/3/07. The sale is scheduled for next week. The son of the deceased is the executor of the estate in which I'm trying to locate. What's the next step to take? It doesn't seem that this falls under a regular short sale because the owner is deceased and the heirs seem to not have any interest in it. Therefore the usual hardship letter etc. wouldn't have much of an affect since it's not the primary residence (or would it?).
A few questions...
-Do I need the exectutor on board?
-How should I pursue...try to get Wachovia to take pennies on the dollar?
-Should I structure this like a short sale or just try to purchase the 2nd mort from wachovia?
any other info that is missed would be appreciated.
thanks,
Ryan
Here's the following scenario:
Home owner deceased.
1st mort - 81k (Wells Fargo)
2nd mort - 361k (Wachovia)
The 1st started to foreclose 11/06/07. The 2nd started to foreclose 12/3/07. The sale is scheduled for next week. The son of the deceased is the executor of the estate in which I'm trying to locate. What's the next step to take? It doesn't seem that this falls under a regular short sale because the owner is deceased and the heirs seem to not have any interest in it. Therefore the usual hardship letter etc. wouldn't have much of an affect since it's not the primary residence (or would it?).
A few questions...
-Do I need the exectutor on board?
-How should I pursue...try to get Wachovia to take pennies on the dollar?
-Should I structure this like a short sale or just try to purchase the 2nd mort from wachovia?
any other info that is missed would be appreciated.
thanks,
Ryan
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