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Andrea, Esq.
Andrea, Esq., Attorney
Category: Legal
Satisfied Customers: 11582
Experience:  25 yrs. experience in family law, estates, real estate, business law, criminal defense, immigration, and employment law.
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My parents (88 yrs old) bought a mobile home free & Clear and

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My parents (88 yrs old) bought a mobile home free & Clear and put it on a cement foundation up north in Michigan in 1999. In 2006 they took out a Home Equity Loan @ 5.25% due for payoff on 8/20/2014. Then another Home Equity in 2008 at 7.49% due for payoff on 10/15/2016. They bank never had an appraisal done. Even though they made required monthly payments it only covered the interest. When they went to see about refinancing the loans into one they had the home appraised at $85,000.00 and they owed $75,459.30 on it. They put the house up for sale (mobile home finance is 35% down and the 65% can be as a loan). The bank would not refinance the loan. Now they want them to sign and turn over the deed in lieu of foreclosure. Will they still have to pay money on the loans if they sign the deed over? The bank does not want to go into foreclosure, they said it would cost the bank money. Is this true?
Submitted: 10 months ago.
Category: Legal
Expert:  Andrea, Esq. replied 10 months ago.

Hi, my name is XXXXX XXXXX I will be glad to assist you in any way that I can,

 

I am sorry to hear that the lender might have taken advantage of your parents, although it would not surprise me at all if that is what the bank did.

 

Banks, lenders and other financial institutions do not like to go through foreclosure because it costs them time, they incur legal fees and in the end, they end up with title to the property on which they foreclosed. They are in the money and lending business and holding title to property ties up their money and it means they have that much less to lend to borrowers on which they can charge interest. Moreover, while they are holding the property and until they can sell it, they incur costs in maintaining the property and paying the taxes on the property. So, lenders are reluctant to even accept a Deed in Lieu of Foreclosure until the borrowers have had the property on the market for at minimum of at least 3 months.

 

If your parents' lender accepted a Deed in Lieu of Foreclosure, part of the transaction would be to make sure that the lender executed a Release of all liability in favor of your parents so that if the lender sold the house for less than the balance on their loans, they would not come after your parents for any deficiency, i.e., any difference between the sale proceeds and the balance due on the loans.

 

Your parents should not be made to put their mobile home on the market and wait for three or more months before the lender decies if it will accept a Deed in Lieu of Foeclosure. The best thing for your mother and stepfather to do as soon as possible is to get a lawyer to represent them in their negotiations with the bank. The lawyer should be experienced in real estate law and litigation and he/she should make it very clear to the lender that they have taken advantage of the elderly, they made loans to them without conducting their due diligence and now they expect your parents to pay for their ineptitude. When the lawyer makes it clear that he/she will not be intimidated by the lender, is not afraid of the lender, and that he/she is fully prepared to pursue a course of action against the lender, file a lawsuit against them and claim damages for, among other things, that the lender took advantage of an elderly couple, unless they immediately accept a Deed in Lieu of Foreclosure, I am positive that the lender will be singing a different tune and doing a different dance because they are not used to anybody standing up to them and giving them a taste of their own medicine, nor does the lender want to try and explain to a Judge why and how they took advantage of an elderly couple.

 

If you give me a moment, I will see what is available in the way of free or low cost legal representation for the elderly in Michigan.

 

 

Please be kind enough to rate Excellent Service" so that I receive credit for assisting you, it will not cost you anything additional to give me a positive rating, and that is the only way I can receive credit, Thank you for understanding,

 

 

If you receive a Customer Satisfaction Survey from JustAnswer, Please rate a 10 as it gives me a greater opportunity to assist other customers on this website and is greatly appreciated,

 

 

Thank you for allowing me the opportunity to assist you,

 

 

ANDREA

 

Andrea, Esq., Attorney
Category: Legal
Satisfied Customers: 11582
Experience: 25 yrs. experience in family law, estates, real estate, business law, criminal defense, immigration, and employment law.
Andrea, Esq. and 6 other Legal Specialists are ready to help you
Customer: replied 10 months ago.

I thought Andrea gave me excellent advise and service.

Expert:  Andrea, Esq. replied 10 months ago.

Thank you very much for the compliment, It feels good knowing that I have helped someone,

 

 

Kindest Regards,

ANDREA

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