Abandoned Mortgage/Property

**MrSteve** · 03-14-2011, 10:34 PM

Hey everyone!

My wife and I hold a mortgage on a piece of property and home that the borrower quit paying on and (apparently) left the state. All of our contact info is a deadend. They moved and left no forwarding address and the neighbors and their church won't cooperate. They say they knew them but don't know where they went or how to get in touch with them. The problem is if we go through the standard foreclosure process of a year, the property will be worthless by then. Is there any way to expedite this so we can attempt to get at least a percentage of our investment back? We would have gladly signed a Quit Claim for them but they didn't even attempt to pay or contact us.

Thank You and Kind Regards,
Steve

**Greg** · 03-17-2011, 05:09 AM

The laws that apply to this are different everywhere and contracts are written differently everywhere.

The best advice you can get is from a local attorney who knows how to handle foreclosures.

**MrSteve** · 03-17-2011, 10:03 AM

Thank you. We've always anticipated that it would have to go to an attorney. We were hoping to keep from spending more money on top of the 70% loss in cash already. We were looking for some alternative options and suspected that agents or attorneys would point us to agents or attorneys. Any other experience out there... anybody else out there?

)

Steve

**James_alex** · 07-28-2011, 03:54 AM

This type of mortgage life insurance is designed for those with a repayment mortgage. With a repayment mortgage, the balance of the loan decreases over the term of the mortgage. Therefore, the sum of cover with a decreasing term insurance policy will also go down in line with the mortgage balance. So, the amount for which your life is insured should match the balance outstanding on your mortgage, which means that if you die your policy will hold sufficient funds to pay off the remainder of the mortgage and alleviate any additional worry to your family.

**James_alex** · 08-04-2011, 12:00 AM

A mortgage is a loan that is secured by a house or other real estate property. That means if you fail to fully repay the loan, the lender can take the property and sell it in order to pay off the loan.