Posted on: 31st May, 2011 01:28 pm
we are renting a home and got a letter in the mail stating that the mortage is in the recovery center and that the full amount of the loan which is 48000.00 is due.. does that mean that it is in the beginning stages of foreclosure or will the owner which happens to be my husbands grandpa be able to set up arrangements with the mortage company to keep it out of foreclosure..he is elderly and i think he just forgets to make the payments or something.. we are wanting to purchase the house from him is it possible that the bank would work out something with us to where we can just take over the monthly payments and be able to stay in the house.. and if not and he is not making payments and it goes into foreclosure do we have to pay him to live here untill it gets sold..
Hi adiendl,
As far as the mail that you've received from the lender is concerned, it means that the property is in foreclosure. If you and your husband's grandfather want to save the property, then he should immediately contact the lender and set up a payment plan or pay off the mortgage in full.
As far as the mail that you've received from the lender is concerned, it means that the property is in foreclosure. If you and your husband's grandfather want to save the property, then he should immediately contact the lender and set up a payment plan or pay off the mortgage in full.