Post BK, loan modified, sold then changed?

[joeranger]

I hope I have enough info. I am trying to help my father-in-law get some value out of his house post BK. He owes about what the property is worth but needs time to find a buyer. If he is "forced" to sell he takes a huge loss and ends up with nothing.

After BK, he got a loan modification from Bank United leveraging HMF allowing him to postpone property tax as a Senior in Illinois. The payments were a manageable amount of $1,100 per month. As soon as the deal was signed, Bank United sold the loan to SLS (Specialized Loan Servicing) in Denver.
SLS does not want to honor the agreement and wants him to pay $1600/month to include taxes which he can't afford.
We are just trying to buy time. It is a unique property on a lake but with a very old dated house. In a better economy, it would be worth a small fortune.
There has been no foreclosure activity but suspect this new tax issue is a way to get out of the deal.

[Drazil65]

Hi, how long does his senior exemption allow him to postpone the property taxes? I guess I am asking at what point will he have to pay the taxes and will he have the money to do so? I do not know if they can force him to pay escrow and make the payment higher BUT I am dealing with SLS on a 2nd mortgage situation for a rental and they have already offered us a loan modification with only 2 missed payments. Maybe they would do a modification for your FIL that everyone will be comfortable with? I don't know how agressive they will get if he does not agree but I know people that have been dealing with them for alot longer and they have made several offers of modifications and then offers to settle at a discount, maybe they will make him an offer? Good Luck with them!

[joeranger]

Thanks. At this point, I am just looking to understand what is going on. My biggest concern is that he is being taken advantage of. We were unaware of the issue until it was too late.
Is SLS a credible company?