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My mother lives in a mobile home with my Aunt. They still owe money on this as even though it is a trailer, it gets treated like a 30 yr mortgage rather than an auto loan. My Aunt has recently been diagnosed with cancer, and we do not know how long she has. There is no way my Mom can pay this mortgage by herself, and I cannot either. She will move in with me. We thought about putting it up for sale, but if it does not sell, and my Aunt is gone, what would be the next best step? Mom is on SSI only and is disabled. I am wondering if the mortgage co. would settle for a lump payment as I am sure they do not want to forclose on a trailer with all the home issues now. Any thoughts from anyone?

Is your mother named in the mortgage document as co-borrower? If so, then only she can be responsible for paying the mortgage. After your aunt, she can simply let the property go to the bank. The bank would then sale the property to recover its money.

Now, if she wants to retain the house after your aunt, she must then get the mortgage written over to her and continue making the payments.

Sub: #1 posted on Tue, 05/11/2010 - 23:54

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First, make it sure that your mother is a co-borrower of the mortgage along with your aunt. If not, then she's not legally bound to pay off the mortgage. Follow what SC said, to give the trailer to the bank after your aunt passes away. Let the bank do what they want to do with it and recover their money.

But, if she is the co-borrower then she will have to continue making the payments, no matter how difficult it be for you.

Sub: #2 posted on Wed, 07/21/2010 - 22:13

paulcahill80 paulcahill80

(Posts: 2359 | Credits: )

Preparing an appeal based on unequal appraisal for BPP is simple and straightforward. Start by obtaining information on the assessed value, and amount of office spacemanufacturing or warehouse space for property owners similar to the subject property owner. This is typically done by using companies with the same Standard Industrial Code (SIC) as the subject property owner. You can obtain this information by sending an open records request to the appraisal district. When appealing, research the assessed value for your competitors.
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Sub: #3 posted on Thu, 12/09/2010 - 07:05

megous0003 megous0003

(Posts: 1 | Credits: )

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