I have a house that is going into foreclosure. I also was not able to pay the property taxes so the county has foreclosed for taxes. I was approached by a gentleman who offered to pay all the taxes and add $5000 for me. My question is if I took the offer what happens to the mortgage? Would it just continue to go into foreclosure or would I be responsible for the whole thing to pay off.
Thanks for your time.
1 Answer from Attorneys
Your situation is not clear. Is the mortgage holder attempting to foreclose or just the county?
Also, you cannot just sell your house for $5000 to some gentleman. You have to pay off the existing mortgage or obtain the approval of the mortgage holder and transfer the mortgage to the gentleman. The "gentleman" may be offering to scam you, big time.
Also, if your house if worth more than you currently owe on it, when the mortgage is foreclosed and the house sold at auction, you receive any suprplus of the sales price over the mortgage balance. This surplus is what the gentleman may be trying to take from you.