Can a private mortgage holder force a borrower to maintain property purchased?
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Can a private mortgage holder force a borrower to maintain property purchased?
I loaned a close family member money to buy a home. He surprised me by getting married shortly thereafter to a girl who turns out to be a hoarder. His job requires him to travel a lot, so he has little control over how his wife cares for the property in his absence. Can I, as the lender, take any action to force a clean-up, other than foreclosing? The mortgage agreement says he has to keep the property in good condition. I need to protect my investment, but I’d rather not foreclose yet because of tax ramifications for the young borrower.
Asked on August 25, 2011 Washington
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
You need to take the agreement to an attorney to review on your behalf. I do not think that you have any grounds on which to foreclose on the property if he is current on the mortgage. And the words "in good condition" - what do they mean? Does that mean that everything is in "working order" such as the water, appliances, electric - what? Does it mean that the carpet is clean and the walls painted? You as the lender are protected under the law on many levels. In foreclosure you are protected as long as you do not waive deficiency should the mortgage be more than the value of the property. Is the house insured (it should be in the contract) and if not then get insurance. You as the lender should have that right. Good luck.
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