I gave this some extra thought but shame on the entire family for allowing Mom and Dad to own a property with (2)houses they clearly had no use for. You know part of the loan could have been secured with rental income on the older house that simply moved out.The risk of owning more than one property.
I have been a processor on and off for years. The one thing that I noticed on the auditors website was when they closed on the loan in 2004 the property was split into 2 parcels. There was an existing home built in 1920 and the newer residence built in 2001. Combined value on the auditors website $148000. They probably lived in the older for awhile (website doesn't show)and then built and moved into the newer residence. I am guessing by the article they then tried to sell the older house. The dates match all the way down the line on the transfer pages for both properties which in the end leaves me guessing that this was a blanket loan and that the first foreclosure that went on was probably the second mortgage at which they might have used the older property to secure. The second very well could have been the money for the new construction.Her trying to sell the residence had absolutely nothing more to do with the fact they no longer needed that older home and coulndn't get a buyer for it in this market. I will see if I can actually find the notes since a lot of the government websites are not available online.
Family says suicide caused by foreclosure action
I gave this some extra thought but shame on the entire family for allowing Mom and Dad to own a property with (2)houses they clearly had no use for. You know part of the loan could have been secured with rental income on the older house that simply moved out.The risk of owning more than one property.
February 16, 2009 at 12:28 p.m. permalink suggest removal
Family says suicide caused by foreclosure action
I have been a processor on and off for years. The one thing that I noticed on the auditors website was when they closed on the loan in 2004 the property was split into 2 parcels. There was an existing home built in 1920 and the newer residence built in 2001. Combined value on the auditors website $148000. They probably lived in the older for awhile (website doesn't show)and then built and moved into the newer residence. I am guessing by the article they then tried to sell the older house. The dates match all the way down the line on the transfer pages for both properties which in the end leaves me guessing that this was a blanket loan and that the first foreclosure that went on was probably the second mortgage at which they might have used the older property to secure. The second very well could have been the money for the new construction.Her trying to sell the residence had absolutely nothing more to do with the fact they no longer needed that older home and coulndn't get a buyer for it in this market. I will see if I can actually find the notes since a lot of the government websites are not available online.
February 13, 2009 at 4:26 p.m. permalink suggest removal