Legal Question in Real Estate Law in Georgia

My old primary residence in Georgia is a privately held mortgage. The lender died and an estate controls it now. The estate lawyers need to liquidate in order to distribute the funds (I am one of the bequestees at $25K). I rent that home now, and I rent/live in Washington state. My tenants are happy to stay for five years and I need the market to come back up to get my equity out. If I continue to make my payments they can't make me sell or refi, (it seems.) I said "Then knock 50K off of the $110K I owe you so I can sell the house in this market and get my desired equity out." They say they "can't" budge. Aren't settlements like this commonplace? Any tips on how to elicit a settlement in this case.

Loan originated in 2007 at $120K

Owe $110K

House Value $175K Today

House Value in 5 years $250K

My desired returned equity $100K

Thanks for any advise?


Asked on 9/09/13, 8:44 am

1 Answer from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

You can ask, and they can say no, so what is commonplace really does not matter in a specific case. You might offer to waive your inheritance or sell for what they could get in the private market (it would be more than you offered). On the numbers, they have no incentive to offer anything.

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Answered on 9/09/13, 8:59 am


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