Hi all anyone who can help with ideas may do so---I am a cosigner on a promissary note on a house that I signed for my mother in 98 in Northcentral Wisconsin---I lived there at the time---I moved out in March 99.. Now I live in the Suburbs of Chicago 300 miles away---My mother defualted in August 2004---Payments are $250.62 a month which includes property taxes at an 8.9 percent interest rate---My mom owned over 30 cats an when she defualted, the loan officer went looking for her at the house, saw all the cats and called the department of health and cats were taken away and she was charged criminally---So she went in hiding and abandoned the property which the loan officer searched my credit report and gave me a nice awakening that I am just as responsible as her for the property---I made the 750 dollar back payments and have been current since Aug of 2004 because the damage the cats have done to the house, I know there is no selling it or renting it to anybody!!
It was the worst mistake of my life to sign on this property but I had no choice at the time, we had nowhere to go---I have 2 brothers and they want nothing to do with it...My older brother says it is uninhabitable that after he left the cats made the house their litter box---I haven't talked to my mom in a year and a half because of this---She is on disablity so if we went to foreclosure and are sued, obviously I take the whole brunt of the defaulted charge so that is why I am paying it to avoid what foreclosure would do to my credit---The loan expires 2018---I really dont want to be paying for another 12 years but I have a much more immediate problem---I looked at my credit report yesterday and there is an inquiry from Taylor County Housing where this house is located on 3/28/06 purpose is tenant screening---Since I haven't lived there in 7 years I know its about the house---I'm thinking cause nooone is cutting the grass or any upkeep of the place they may be contacting me to fine me or something cause they can't get a hold of my mother
I tried going online and filling out those ugly house things where people would buy your property and they all come back that there is no market or agents up there---1 did contact me in Oct 2005 and actually checked out the property and said he took a couple steps inside and couldn't take the smell of cat urine and he said he would need boots cause excrement was all over the place---Now I lived there for 4 years and it was not like this when I lived there---all this spiraled out of control when I left---He told me that there was no value and he couldn't think that anyone would want it in that condition
I figured I should take the lead and call the housing authority and ask why they placed the inquiry on my report but fear the bad news---I'm fearing I'm gonna get slammed with fines and charges for the abandoned property by mail if I just sit and wait around---I'm not a handyman so I can't just fix up the place while I have friends that are, we are in Illinois 300 miles away---To put it this way, I have no contacts or help from anyone in that state including my mother and brothers I through with their no monetary or physical help
So now what? I know people sign for their family members for houses and things cross country so there has to be someone who knows of a similar situation who may be of help---I've looked at it from every angle and have deemed there is no way of the hook except death----I called a property lawyer and he told me let them foreclose but thats easy for him to say its not his life and credit ruined---I'm sure there is no value in the house so I'll be stuck with an accelerated $19,000 note---Thank you all---House was bought at $32,000---now owed little over 19K remains---And no I don't have the funds to pay more than the mininum payment each month besides why would I want to?
Third batch of photos: Date Posted: Jul/05/2006 4:48 PM by simmer 22 MORE PICTURES UPLOADED---I BELIEVE THESE PICTURES SHOW MORE OF THE STRUCTURAL DAMAGE
simmer said:he took a couple steps inside and couldn't take the smell of cat urine and he said he would need boots cause excrement was all over the place
Callers of Shennanigans: didYOUsearch tangside
Self-Professed Cat Lady Experts: Arboloco
Cat feces severity alert level: HIGH [red]
$140 - CURRENT TOTAL PLEDGED IF OP SHARES PICS WITH US!
Message edited by: jleh on 2006-07-05 22:26:28 CDT
simmer said:Hi all anyone who can help with ideas may do so---I am a cosigner on a promissary note on a house that I signed for my mother in 98 in Northcentral Wisconsin---I lived there at the time---I moved out in March 99.. Now I live in the Suburbs of Chicago 300 miles away---My mother defualted in August 2004---Payments are $250.62 a month which includes property taxes at an 8.9 percent interest rate---My mom owned over 30 cats an when she defualted, the loan officer went looking for her at the house, saw all the cats and called the department of health and cats were taken away and she was charged criminally---So she went in hiding and abandoned the property which the loan officer searched my credit report and gave me a nice awakening that I am just as responsible as her for the property---I made the 750 dollar back payments and have been current since Aug of 2004 because the damage the cats have done to the house, I know there is no selling it or renting it to anybody!!
It was the worst mistake of my life to sign on this property but I had no choice at the time, we had nowhere to go---I have 2 brothers and they want nothing to do with it...My older brother says it is uninhabitable that after he left the cats made the house their litter box---I haven't talked to my mom in a year and a half because of this---She is on disablity so if we went to foreclosure and are sued, obviously I take the whole brunt of the defaulted charge so that is why I am paying it to avoid what foreclosure would do to my credit---The loan expires 2018---I really dont want to be paying for another 12 years but I have a much more immediate problem---I looked at my credit report yesterday and there is an inquiry from Taylor County Housing where this house is located on 3/28/06 purpose is tenant screening---Since I haven't lived there in 7 years I know its about the house---I'm thinking cause nooone is cutting the grass or any upkeep of the place they may be contacting me to fine me or something cause they can't get a hold of my mother
I tried going online and filling out those ugly house things where people would buy your property and they all come back that there is no market or agents up there---1 did contact me in Oct 2005 and actually checked out the property and said he took a couple steps inside and couldn't take the smell of cat urine and he said he would need boots cause excrement was all over the place---Now I lived there for 4 years and it was not like this when I lived there---all this spiraled out of control when I left---He told me that there was no value and he couldn't think that anyone would want it in that condition
I figured I should take the lead and call the housing authority and ask why they placed the inquiry on my report but fear the bad news---I'm fearing I'm gonna get slammed with fines and charges for the abandoned property by mail if I just sit and wait around---I'm not a handyman so I can't just fix up the place while I have friends that are, we are in Illinois 300 miles away---To put it this way, I have no contacts or help from anyone in that state including my mother and brothers I through with their no monetary or physical help
So now what? I know people sign for their family members for houses and things cross country so there has to be someone who knows of a similar situation who may be of help---I've looked at it from every angle and have deemed there is no way of the hook except death----I called a property lawyer and he told me let them foreclose but thats easy for him to say its not his life and credit ruined---I'm sure there is no value in the house so I'll be stuck with an accelerated $19,000 note---Thank you all---House was bought at $32,000---now owed little over 19K remains---And no I don't have the funds to pay more than the mininum payment each month besides why would I want to?quoted for preservation..comments to follow
Simmer, you actually have a lot of options. This is what I would do:
#1- figure out the value of the property. Yes it may be trashed inside but lets not tackle that issue for the moment. Go to zillow.com and see what comes up. Then go to ditech's home equity estimator and see what comes up.
(if this is not a typical residential property, nothing may pull up)
Post what comes up on those.
#2 If the automated valuations do come up with a decent figure, you can find a lender that uses automated valuations and will not inspect the property but give you a loan based on similar #s. Lendingtree.com offers many equity lenders that issue loans based on automated valuation. You may be able to refi the loan (and possibly even pull cash out) with a larger HELOC. The payments will be even lower if you have good credit. This will give you a payment break , possibly get some cash out, and give you more time to strategize. (this will also assume you contact your mom, since she will have to sign title/refi docs).
#3 dont call the City, whoever pulled your credit, or those "we buy houses" people - Calling the City may alert them and cause notices to be recorded against the property (if they arent already). That could make sale/financing more difficult. And the "we buy homes" guys are just looking to quickly flip properties.
#4 Call at least a dozen RE agents local to the property. Either a few will be interested or be able to point you to someone who WOULD be interested.
#5 A lot of your post was confusing. I dont understand why a loan officer would visit the house. They arent collectors (unless this was some private lending arrangement).
Is there anything that can be done to minimize the "cat" problem? For example, can you rip all the carpet out, open all the windows and let the thing air out for a month or two?
Take a weekend trip (300 miles each way isn't far) and get your boots laced up. You should at least see for yourself the damage, and if it were me I'd start cleaning. (I'd clean-up as much of the mess and damage as I could, even if you're not handy at fixing damage, you can at least give it a thorough cleaning).
Second, file the necessary paperwork to get title to the house in your name only, and then refinance like dYs suggests (in your name only). You'll then own the piece of property w/o the problems your mother has created, and you can strategize how to either get rid of it or turn it into a productive asset.
I don't know how you'd have a negative equity situation, though it may be possible in the current state of disrepair/lack of cleanliness. $19,000 is a very cheap piece of property in any part of the country, even northern WI.
If DYS suggestions don’t play out and this really is a mortgage and not some other instrument.
If credit is not a concern. Check with your attorney to see if Wisconsin allows mortgage deficiency suits if not let them foreclose or get mom to give a deed in lieu.
If credit is a concern. Figure out a way to pay the bank off perhaps through a short sale for an ungodly low price if they will work something out on the reporting.
You are doing the best thing by asking for help. Ignoring this can make it alot worse. Is it vacant of humans and cats now? If so for how long? How long since you have seen it?
I really think you need to see this in person or have someone you trust see it. Lot's of options for you so keep after this problem and it may turn into a good thing for you. I have seen lot's of "trashed properties" turned around, but the first thing to remodel is your attitude.
I am guessing the land has to be at least worth $15k......hang in there for a while longer and you should be able to sell it for what is owed.
Personally i'd just burn the farker down and collect the insurance......but not before you grab your two lousy brothers necks and put them face first into what all those cats left behind......why aren't they going in thirds on the monthly payments......you telling me they can't scrape together $80 per month to help you out?????
You may need to let the house go into foreclosure, give them the keys back but get an agreement that they will not go after you for the amount owed. Make it a lose lose situation for the bank. They dont want this house back and they will allow a 3rd part to buy it at a discount and not go after you for the amount they lost. Pm me for more info.
I am not telling you to go into foreclosure but this is what I have seen other people do.
Another option is to see how well cat poo burns , hee hee
hoffjm00 said:Is there anything that can be done to minimize the "cat" problem? For example, can you rip all the carpet out, open all the windows and let the thing air out for a month or two?
Yea op, have you even tried to have the carpet removed or has the urine eaten through the wood requiring entire floor replacement? Simply cleaning the floor just seems like an obvious solution that you aren't considering for some reason.
If you bought it in 1998 for $32k, and only owe $19k now, I don't see how you can be upside down on this unless they just built a dump next to your house or something.
mgdeals said:Yea op, have you even tried to have the carpet removed or has the urine eaten through the wood requiring entire floor replacement? For some reason I love reading about cat ladies... and believe me... there is severe damage to the building... cat urine is basically like ALIEN(TM) BLOOD.
I'm curious where the mom is hiding. She's probably hiding because the prosecutor is going to want to have her committed.
mgdeals said:hoffjm00 said:Is there anything that can be done to minimize the "cat" problem? For example, can you rip all the carpet out, open all the windows and let the thing air out for a month or two?
Yea op, have you even tried to have the carpet removed or has the urine eaten through the wood requiring entire floor replacement? Simply cleaning the floor just seems like an obvious solution that you aren't considering for some reason.
If you bought it in 1998 for $32k, and only owe $19k now, I don't see how you can be upside down on this unless they just built a dump next to your house or something.
I concur. The land should be worth the 19k by now.
I think OP is getting to caught up with the sanitary aspect of the house. It might well have good bones and sit on a decent land.
For 2k or less you can really get the whole place cleaned up.
OP, have the title of the house fully transfered to you and get to selling it.
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