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bob_pfister
Posts: 3
Registered: ‎11-03-2011
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Need Advice on Land Purchase

This is a bit of an emotional issue so I need some advice from some of the seasoned members on what to do.  My wife and I are young she is 23 I am 32.  Her Dad passed away several years ago leaving her half of his small ranch.  Her mother passed recently passed away and had set up a reverse mortgage on her half of the place.  The Mortgagor for my mother inlaw's estate is preparing to repossess the property and my wife would like to be able to put her family's land back together again.  We both have good jobs, but live 150 miles from the property and there no similar opportunities for us in that community. I would love to be able to make this work for my wife and I, but we are not sure where to start.  We were married about a month when her Mom died, and have only been married a year at this point. 

 

The balance due on the note is about 70% of what the property is worth locally and about half of what it was worth prior to the crash.  We know we could lease the pasture and rent the house for extra income, but we would really have to work to make this thing pencil out.  Has anyone else gone through something similar and how did you approach the problem?  My gut instinct is to call the Mortgagor's trustee and try to negotiate a deal, but I don't know if that is the best place to start.