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Author: poohbear111 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127684  
Subject: Question from a new mortgage holder Date: 9/9/2001 7:19 PM
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I am fairly new to these boards, and haven't seen this topic addressed. My grandfather passed away a year ago, leaving me the executrix of his estate. He held two mortgages on properties in another state. One of the homeowners refinanced her mortgage and paid off her balance. The other guy has not. He is not good about paying on time either. He has been paying for the last 8 years, and has 7 more years left on the mortgage. He does eventually get caught up, but has been over 3 months behind at some points. I am tired of dealing with it.

I get solicitations in the mail from mortgage brokers who specialize in buying mortgages from note holders. Would there be an advantage to selling the mortgage? I know they don't pay the full balance, but does anyone know what I can expect to be offered? Do they take a percentage off the existing balance? I know we will lose some money in the deal, but don't know how much. None of the heirs "needs" the money from the cash sale, and they understand my frustration in dealing with it.

One of the reasons the guy gets behind is that he doesn't live there, he lives in another state, and rents it out when he can.

To make matters more stressful, my husband will be relocating soon, and I'd rather not have to transfer the estate stuff. This is the last thing holding up the closing of the estate.

Any advice or warnings? Thanks. Elizabeth
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