Why is the bank offering me money????

[justalayman]

A foreclosure is simply an action taken to severe the title holders interest on a property. It does not have to be based on a mortgage. It should be filed against all possible holders of interest.


Some people are included in a foreclosure because the plaintiff believes the defendant MIGHT have some claim to the title. The intent is to sever all claims to the title. The underlying lown is simply where it all started.

 

[TigerD]

That's why I am here. Looking for answers Not that I don't trust attorneys but sometimes I feel all they want is money so they will tell you whatever to get your business. I came here to see what other advise I'd get hopefully from people that know what they are talking about and its definitely different info. than what I've gotten from the attorney. I know nothing about legal stuff so any insight from knowledgeable people is appreciated.

While most of the posters here are fairly knowledgable, you should take advice from an internet forum with a grain of salt until you discuss it with your attorney. These comments will hopefully give you an idea and the right questions to ask.

DC

 

[justalayman]

Oh hell. If you own the trailer and they own the land, go move your trailer or expect to be presented with a bill from whomever had to pay to get it off their land.

 

[mytwokids]

Yes and thanks for all the insight definitely something to think about and talk with an attorney. The Modular Home is currently up for sale. The banks realitor who is selling it is the one that contacted me with the offer to sign over the title.

 

[FarmerJ]

Im dying to ask , two things first was the house on its own land ? second If you could get a loan or had a way to pay the 50K owed you know since your listed on the title you know it would be interesting to see how they would respond (especially since they had listed it for 89k but if thats all thats owed is 50k? )

 

[OK-LL]

I think you have room to negotiate. It will cost the lender at least $1k to revisit the foreclosure (attorney fees, publication fees, etc.) and he may not succeed in proving to the court that lender's interest in the property has priority over your interest. If you don't want the property for your own use, I believe you have room to negotiate a better payout. One salient point would be the manner in which title is held -- jointly, as tenants in common or by divided interest? You haven't provided that info, so I won't speculate how it would affect the outcome of the revisited foreclosure.

 

[justalayman]

Ok-lł

I don't think the op owns any interest in the real estate and may be the sole title holder of the trailer on the property.

Haven't checked the laws but many states require you to retire the title to a mobile home if it is permanently attached to real estate. It sounds like that may not have happened in this case so what it appears we may have an abandoned mobile home on a piece of real estate. If that is the case the op may find themselves liable for demolition costs.