Half Inheritance/Step Father Signed Over/Stuck with Pre-Forclosure Interest and fees?
Date: Mon, 11/07/2011 - 18:56
I have been paying on my deceased mothers property for almost 3 years, the mortgage/loan is still in her name and my stepfathers name.Just in care of me, and i pay it with the agreement my stepfather signed over the deed to his rights to the house to my mothers children (3 brothers and me). My mother passed away without a will, in NJ her house was legally half mine and my siblings and half my step fathers. We took over the loan to get his rights,
The original deed was still in my mother and fathers name when she died (my stepfather was not). My stepfather was able to get a mortgage with her and his name. He signed over the deed and all rights to the property. I have paid on time every month for 3 years to the collection/mortgage service. My stepfather had let the house start to go in foreclosure. How can I get through to the mortgage holder to please drop the almost 10k in back interest and fees?! Its only a 75K loan. I have stepped up to pay my mothers debt, but I dont know how to get them to budge on waiving my step fathers irresponsiblity?
He is still alive and I can walk away at any time and the loan modifiaction agreement states it would revert back to him if we stop paying. He is half drunk in a ditch somewhere, cant barely pay for clothes. I fully am willing to pay my mothers debts (even if half is his) but don't feel we should pay for his mistakes when we have been so compliant?
We finally found someone who wants to buy the run down completely gutted house (my stepfather lived there without electric, plumbing or water for years, use you imagination of the damage and disgust).
We can only get enough for the property to cover the principal balance on the mortgage plus the past 3 years of payments, taxes and trying to renovate it.
To add to the unfortante events, my one sibling (who has not helped or paid a single penny to help) has filed for Bankruptcy and his share (which there wasnt going to be one on his part from no contribution) may now be taken at the table to pay his creditors, putting me and my other 2 siblings out about 30% out of pocket expenes) Any help or suggestions would be greatly appreciated, I am in tears over this.
The original deed was still in my mother and fathers name when she died (my stepfather was not). My stepfather was able to get a mortgage with her and his name. He signed over the deed and all rights to the property. I have paid on time every month for 3 years to the collection/mortgage service. My stepfather had let the house start to go in foreclosure. How can I get through to the mortgage holder to please drop the almost 10k in back interest and fees?! Its only a 75K loan. I have stepped up to pay my mothers debt, but I dont know how to get them to budge on waiving my step fathers irresponsiblity?
He is still alive and I can walk away at any time and the loan modifiaction agreement states it would revert back to him if we stop paying. He is half drunk in a ditch somewhere, cant barely pay for clothes. I fully am willing to pay my mothers debts (even if half is his) but don't feel we should pay for his mistakes when we have been so compliant?
We finally found someone who wants to buy the run down completely gutted house (my stepfather lived there without electric, plumbing or water for years, use you imagination of the damage and disgust).
We can only get enough for the property to cover the principal balance on the mortgage plus the past 3 years of payments, taxes and trying to renovate it.
To add to the unfortante events, my one sibling (who has not helped or paid a single penny to help) has filed for Bankruptcy and his share (which there wasnt going to be one on his part from no contribution) may now be taken at the table to pay his creditors, putting me and my other 2 siblings out about 30% out of pocket expenes) Any help or suggestions would be greatly appreciated, I am in tears over this.
The situation is quite complicated. I would suggest you to consu
The situation is quite complicated. I would suggest you to consult an industry expert. He can tell suggest the best possible course of action on this matter.
