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StuffFromDennis

Foreclosure date 2/20/20

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So much to my story like all stories but I'll try to summarize:

 

My mom developed a stage 4 terminal cancer a few years back. I've been trying to pay on both my house and her house.

She lives in the house she's always lived in (for 40 years). They were foolish enough to continue borrowing against it.

It was my grandparents house. All four of us lived in it. I eventually moved away. I've since come back to be the caretaker. My house is in another state. Eventually I want to go back there, move my stuff out, and sell it.

There was a will from my grandparents leaving house to her (they have both died), or generically stated any of her children (only me).

Lawyer said the will would cost hundreds to execute. Didn't have it. So we just kept living here and paying when we could.

The house in my grandmothers name is in foreclosure. Sale date 2/20/20. Our notice came last week. In Missouri, they must have 20 days from time of mailing (not even 20 days after a signature because after I got the notice we only had like 17ish days).

Two mortgages. Balance 1: $12k, balance 2, $11k

I thought the company that foreclosed (balance 2) was the 2nd mortgage but there is some confusion there. Balance 1 bank is having their attorney review it. They don't know.

House value: $130k

Amount we need to avoid foreclosure: $3726.45. I have $1,000.

I have a 500 credit score. I can't borrow $5 from anyone. Mom in the same boat. I had a business fail, and then we had her health issues. I haven't worked my real job since May of this year when I couldn't anymore (because of my mom). I do get paid to be her caretaker in a state program.

People keep telling me we just need to file for BK and it would stop this but having my mom file wouldn't stop anything without it being in her name, right?

I have a $25,000 guaranteed life insurance policy with Gerber on my mom of which I am the beneficiary. It was designed to pay off this house if/when she dies. The current doctor estimate is 6 months or less.

I would like to continue living in the house as a goal. I definitely don't want to disrupt my moms care and move her out of the only house she's really known at this stage. It seems so close/possible to fix but so far away too.

 

Edited by StuffFromDennis
Adding more information

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Hopefully someone well versed in foreclosure will see this quick. 

 

I have no expertise in this area. All I can offer is prayers.

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StuffFromDennis,

 

Could you provide a bit of info that might help the folks here familiar with probate/bk law in your state.

 

When did your grandmom die?

Was your mom paying the mortgages in the grandmom's name?

What are the monthly payments and how late is each?

 

I presume the mortgages were both taken out by the grandmom.

 

Sounds like the will was essentially the same as what happens without a will (intestate). Many states allow a very simplified, DIY, probate when the amounts are this low.

 

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