Foreclosure / Estate Sale. Who Is The Owner???
Fellows,
I need your expert advice on this rather interesting deal. Here it goes:
I just came across the property that is scheduled to go for a Sheriff’s Sale approximately 6 weeks from now. Both homeowners (husband and wife) are deceased. I have a copy of notice of Sheriff’s Sale listing name of the mortgage company, balance of the remaining mortgage and copy of Service of Process from the court which ordered the sale. I also have the docket number for the court order and the list of all defendants.
It looks like list of defendants on the Service of Process is also listing 2 kids of the deceased homeowners as Devisee of the Estate.
How can I find out who are the real people in charge of the estate at this point? I would like to negotiate the deal with them and take the property of their hands. It seems like they don’t care much about it since the house is heading for Sheriff’s Sale.
If I won’t be able to find the person in charge of the estate, can I still approach the Mortgagee and try to buy the mortgage at discount via assignment and finish foreclosure myself?
Your advice is much appreciated.
Thanks,
PerlUser.
A good place to start will the with Marie S. Muhler, Surrogate.
See if there is a valid Letters Testamentary.
See where that takes you.
Thanks ShortSalePro.
I am not as familiar with the terminology as I might want to by in this area. Could you elaborate a bit on it?
I don’t think I have a Surrogate term per sake listed anywhere on the Notice of Sheriffs Sale. I assume this would be a person substituted for the owner to answer or handle the estate, right?
How can I find out who this person is?
I need to move quickly!
Thanks,
PerlUser.
Surrogate: An elected county official who oversees probate in the State of New Jersey.
Letters Testamentary: a formal document that confirms authority to act as Executor.
Monmouth County Surrogate Office
Marie Muhler, Surrogate
Hall of Records (second floor)
Main and Court Street
Freehold, NJ 07728
Phone 732-431-7330
Fax 732-303-7656
Office Hours: Mon.-Fri. 8:30-4:30
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Short Sale Practitioners can't predict, or guarantee results... but can take steps to insure the likelihood for success....[ Edited by TheShortSalePro on Date 04/29/2004 ]
Just remember that in the case of an estate in foreclosure, it is hard to make a pitch for "saving your credit". The executors of an estate are usually overwhelmed with their duties and their credit is not at risk. Money is about their only motivation. Also, executors of an estate are usually working with a lawyer, so subject to is probably not an option.
Brenda
Thank you ShortSalePro,
This was very helpful.
PerlUser.