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Thank you for your question. Please permit me to assist you with your concerns.My apologies to your son on this situation. However at this point the way to get this property out of his name is XXXXX XXXXX He can either pursue his own sale of the property (which is likely unwise as the headache of that process may end up costing him both time and resources), or he can wait for the lender to foreclose. However please be advised that foreclosure is solely at the discretion of the lender--they can either pursue it or choose to let it go. There are some examples of foreclosed homes remaining unsold for decades especially in neighborhoods where the value of the property dropped to a level where it would cost the lender more money to auction it then they would ever obtain in return. The remaining option is to also wait and hope that if there are squatters, they attempt to take the property via adverse possession and essentially squat there long enough until they obtain their own rights. But he himself cannot somehow get the property completely out of his name if there is still an outstanding loan on the property.Good luck.
Who would be paying the property taxes? Would there be costs to short sale the property. Thank you.
Margie,Thank you for your follow-up. I can think of two potential individuals who may be paying. The first is not an individual but the lender himself who may be protecting their interest in the property. The second may be the squatters if there are any. One of the conditions of later obtaining rights to the property through adverse possession is to show the courts that the squatters acted openly as trespassers and that they paid taxes on the property, essentially acting as real property owners. It is not against the law for a third party to pay the taxes, so it may be either of those parties. Potentially the county office may have records of who paid the taxes in this situation.Good luck.
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