QUESTION
I had a very basic rent to own with a family friend. She died at the beginning of Pennsylvanias covid shutdown. No will. Bank is foreclosing
Asked on Nov 15th, 2021 on Real Estate - Pennsylvania
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I had a basic rent to own contract with a family friend. She had planned on acting as cosigner for me but she died before she was able. I talked to her daughter who said that no one wanted to be executor because of her debts. No will. I contacted the bank that held the mortgage and they said they could not help me until the estate was settled. Last week I was contacted by the bank and told that they where going to foreclose. Is there anything I can do? I put about 25k into the place.
1 ANSWER
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I am not an estate attorney so I don’t know if you can open up an estate. But without an estate being opened, there is no ability to complete the purchase. However, after the mortgage company forecloses and a sheriff sale occurs, you can offer to purchase from the buyer who may be the mortgage company. The difficulty is that most mortgage companies will seek to sell at auction and wont entertain private offers, especially from the occupant. The reason is that they must justify to regulators and stockholders that the sale was arms length and conducted on a purely objective basis.
Having said that, you never know until you try. In the interim, if you live in the Delaware Valley and have questions or simply wish to stay there as long as the law allows, feel free to call or email me on a free initial basis
Best Regards,
Matthew R. Nahrgang, Esquire
35 Evansburg Road, Ste 400
Collegeville, PA 19426
(610) 489-3041 o
(610) 489-3042 fax
nahrganglaw.com
Answered on Nov 16th, 2021 at 6:23 AM