I inherited property through a Will, my name is XXXXX XXXXX Deed. The home went to foreclosure. I have been trying to get a loan modification for almost 1 year. A Chase representative has now informed me I have to assume the Note in order to go through a loan modification request. He stated because the deceased is on the Note, and I am not, therefore the Note has to be in my name to sign papers. I am the personal representative of the estate. The estate has never been served any papers.
If I assume the Note, that is in default will my credit, if not already ruined by this mess, be hurt? Do you know if I could purchase as a short sale? (probably not, but thought I would ask).
I secured an Attorney, had a conciliation conference last May and Chase accepted me into the loan modification, they didn't process the modification, I had to start all over. Chase recently informed me they could not work with me because I had an
Attorney, so I terminated my agreement.
I feel like I'm in quicksand, I can't borrow money on the property because it's in foreclosure status. Do you know any alternatives to securing the property with minimal cost and hopefully not ruining my credit? Fortunately I have a secure job and some savings through life insurance proceeds as well as putting money aside for this problem.
I would have walked away but I've invested too much, and the home does have value.
Lastly, there is a 2nd note that I have been paying interest only, roughly $50 monthly, through the Estate funds, which is obviously not enough to pay the mortgage
payment. Should I stop paying the 2nd Note? Do you know if the Bank, which is not Chase would settle the 2nd Note for a lesser amount?