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Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 30911
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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My fiance died...the house we live in is in foreclosure..just

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My fiance died...the house we live in is in foreclosure..just started...he owed $104,000 on the house. the house is re appraised at 116,000. He owes Wells Fargo $91,000 and chase bank $12,000. I would like to take my life insurance and offer a settlement on it. what amt would be a settlement offer that they may accept? I am disabled and live on ssi. I don't know what I can do. I want to stay here..this was our home but he didn't buy insurance on it so it would go to me when he passed. He had leukemia and was gone is 9 months. They just started foreclosure proceedings in the court for this house.
Submitted: 6 years ago.
Category: Real Estate Law
Expert:  Roger replied 6 years ago.
If you can offer close to appraised value, they should be willing to accept it. The best they'll get at foreclosure is a little less than the appraised value anyway.
Customer: replied 6 years ago.
I can only get together about $72,000 cash.....would they accept that? Is there a percentage that they may accept.
Expert:  Roger replied 6 years ago.
It is possible they'll take it, but I doubt it. If the lender believes the foreclosure sale will generate more money, it's gonna do that.
Customer: replied 6 years ago.

even if dave only owed $104,000?

Expert:  Roger replied 6 years ago.
Yes. If you're offering $72k, that's $32k difference. IF the lender believes it can get more than $72k at the foreclosure sale, it will likely do so.
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