What is the name of your state (only U.S. law)?
GEORGIA
My parents died this past March and April. They were in mid to late 60's. About 5 years ago, they got a mortgage loan for their house with some company. Sorry, not sure of the name. After a couple of years, the company was bought out by Bank of America.
My mother got lung and brain cancer, had to quit work. They had problems paying their mortgage payment. They were in the process of trying to get financial help thru Bank of America, but the bank stalled for over a year. They never got any help at all.
They were behind in payments when they died. No one in our family can afford the payments. As a matter of fact, we are shocked that this bank approved a loan of over $95,000 for 30 years to people in their 60's.
A lawyer told us that the bank will NOT forclose on the house, because even though $95,000 is owed, it is worth only $56,000. He said the bank will write it off as a loss because they will not find anyone to pay $95,000 for a $56,000 house. He said as long as we pay the property tax they can't touch it, and we'll get the house for free. He also said they can't forclose because the loan was originally through another company.
However, I have talked to another lawyer who said that is just crazy. He said they WILL forclose on the house and do something to make up the difference. (I didn't understand his explaination).
The bank has not yet sent any documents, letters, or anything else stating they are starting forclosure process. They are still sending monthly invoices as normal.
No one in the family has talked to the bank, we are scared if we do, they will speed up forclosure process and we have a lot of loose ends to tie up, so to speak.
I would appreciate any help in this matter. Thank you so much.
GEORGIA
My parents died this past March and April. They were in mid to late 60's. About 5 years ago, they got a mortgage loan for their house with some company. Sorry, not sure of the name. After a couple of years, the company was bought out by Bank of America.
My mother got lung and brain cancer, had to quit work. They had problems paying their mortgage payment. They were in the process of trying to get financial help thru Bank of America, but the bank stalled for over a year. They never got any help at all.
They were behind in payments when they died. No one in our family can afford the payments. As a matter of fact, we are shocked that this bank approved a loan of over $95,000 for 30 years to people in their 60's.
A lawyer told us that the bank will NOT forclose on the house, because even though $95,000 is owed, it is worth only $56,000. He said the bank will write it off as a loss because they will not find anyone to pay $95,000 for a $56,000 house. He said as long as we pay the property tax they can't touch it, and we'll get the house for free. He also said they can't forclose because the loan was originally through another company.
However, I have talked to another lawyer who said that is just crazy. He said they WILL forclose on the house and do something to make up the difference. (I didn't understand his explaination).
The bank has not yet sent any documents, letters, or anything else stating they are starting forclosure process. They are still sending monthly invoices as normal.
No one in the family has talked to the bank, we are scared if we do, they will speed up forclosure process and we have a lot of loose ends to tie up, so to speak.
I would appreciate any help in this matter. Thank you so much.
