I am the personal representative to my best-friends estate in Ft. Lauderdale, Florida.
She had no value to her estate outside of her condo ( loan amount on mortgage 40,460.62) her car (loan amount 1200.00).
My question is; I requested that the probate court allow the property to be sold and they have allowed this. I have a cash, sold as is, 30 day closing, contract of 63,000.00 on the property.
I'm three months behind the mortgage. I have communicated with wells Fargo (mortgage holder) that I have a sales contract on the property and that their loan will be paid in full in 30 days.
There is a law firm in Tampa that has been hired by wells to collect the debt( foreclosure). I immediately called the firm and told them to stop proceedings. I then wrote them a letter disputing the validity of their claim and to cease all further attempts at collection, as I had informed Wells Fargo of the sale. As far as I know, know official, legal action of foreclosure has occurred.
I have paid out of my own pocket everything and am in so deep financially. I called Wells Fargo today and told them I was sending a check for 1069.00, which would bring the mortgage current, they noted the account.
My question is..... Can the closing still happen? Am I wasting my money never to see it again? I have paid the electric bill, a/c repair, condo dues, etc. and I am worried. Should I just cut my losses and not bring the mortgage current. Everyone I have talked to says ; keep your money. These banks and lenders seem to play by their own rules. Please advise
1 Answer from Attorneys
You need an attorney to assist you. Is someone representing you in the Estate? The loan to property value is positive correct? You will get your expenses from the proceeds of the sale. Is there a will? who gets the assets? If you have more equity in the property than the loan amount 63K v. 40K, then go for the sale and pay them off when it is completed. Stop dealing with them by phone, only deal with them in writing.