Posted on: 26th May, 2009 12:51 pm
i am the administrator of my mother's estate in mass. she took out a second mortgage after the first one was paid off. it was sold to a servicing company. they threatened foreclosure once, but with a forebearance agreement it was saved. now they want me to sign another forebearance agreement to prevent foreclosure again. this is because several years of back property taxes are owed. i want to get a cash out refinance to pay the back taxes and some other bills. they won't do it because there was already one forebearance agreement. can i do this with another company?
you are never restricted to one lender, so yes you can discuss this and perhaps do what you wish to do with a different lender.
you'd need the approval of the probate court (presumably) to do this refinance as administrator. i don't know what steps you'd have to take to get there, though.
you'd need the approval of the probate court (presumably) to do this refinance as administrator. i don't know what steps you'd have to take to get there, though.