house in foreclosure

[flora717]

What is the name of your state? new york we are in the process of buying a house, at closing we discovered that the owner of the house(deceased) had taken a mortgage out on the house without the knowledge of her children. the title co. attempted to get the amount owed, bank fees etc. but was unable to. now my lawyer says she cannot reschedule another closing date without the exact figures. more than a week and a half have gone past and still no figures. i am afraid that our mortgage commitment will expire ( it has been in effect about three weeks). does it usually take this long for a bank to send payoff figures on a house that has now gone into foreclosure? and, do the sellers even have the right to sell this house now?we feel that we are getting the run-around from everyone. and meanwhile, our landlord wants us out as we have lived out our security and did not pay rent for this month(month to month agreement, no lease. we feel that maybe something is going on that we don't know about.

[HomeGuru]

Originally posted by flora717
What is the name of your state? new york we are in the process of buying a house, at closing we discovered that the owner of the house(deceased)

**A: did you get confirmation of the sale by the probate court since the owner of the property is deceased?
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had taken a mortgage out on the house without the knowledge of her children. the title co. attempted to get the amount owed, bank fees etc. but was unable to. now my lawyer says she cannot reschedule another closing date without the exact figures. more than a week and a half have gone past and still no figures. i am afraid that our mortgage commitment will expire ( it has been in effect about three weeks). does it usually take this long for a bank to send payoff figures on a house that has now gone into foreclosure?

**A: the mortgage was most likely recorded on title so it can be determined what the principal balance was at the start. A payoff stattement needs to be given by the lender to reflect principal pay down, accrued interest, fees, escrow account balance etc.
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and, do the sellers even have the right to sell this house now?

**A: back to my first question. The owner of the property is deceased, therefore the Seller is the estate.

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we feel that we are getting the run-around from everyone. and meanwhile, our landlord wants us out as we have lived out our security and did not pay rent for this month(month to month agreement, no lease. we feel that maybe something is going on that we don't know about.

**A: is not the landlord the estate or managing agent for the estate? Now this landlord/tenant scenario is totally a separate issue from the purchase of the property. Since you are a m/m tenant, landlord is entitled to serve you an eviction notice due to your failure to pay your back rent used up by your security deposit and your current rent for this month.

[flora717]

i am a little confused by your answer to my question. does the seller(estate) have the right to sell a house that's in foreclosure? no we did not get a confirmation of the sale by the probate court. what is that?

[HomeGuru]

[quote]Originally posted by flora717
[b]i am a little confused by your answer to my question. does the seller(estate) have the right to sell a house that's in foreclosure?

**A: yes, right up until the auction date as long as the lender approves.
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no we did not get a confirmation of the sale by the probate court. what is that?
**A: then there cannot be a sale of the property from the estate to you. If you wait long enough, the lender will foreclose and then the estate will be out of the picture.