I have some distressed property, and the mortgage company has canceled the foreclosure so that they donít have to discharge the loan. This allows them to put a lean on the property and who ever buys it will have to pay back the loan and late fees. The loan is 10 times more than what the property is worth. I donít want this property is there any way to get rid of this nightmare?

I will probably need addtional information so feel feel to continue this thread.

Have you been in contact with this mortgage company and explained that you no longer want the property?  Sometimes a lender will consider a short sale or deed in lieu (give the property back).  The first place I would go is to them to try and work something out.  And if you are not getting anywhere I would be asking for supervisors and/or management.

Their lien on the property doesn't do any good if property is valued dramatically less than the mortgage.  No one is going to pay them off.  Period.

Who is the lender?  This seems a very odd reaction to this situation.

Also, just as a clarification, their lien has always been there.  Any loan against a property is a lien against it.



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Steele V. Propp


Can answer questions on all areas of the foreclosure process both judicial and non-judicial. Also on loss mitigation and foreclosure prevention including loan modification, short sales and deed in lieu of foreclosure. Also can assist with questions on purchasing property in foreclosure and already bank owned (REO, Real Estate Owned). Both as an investor and/or a homeowner.


I have 18 years of working with the foreclosure industry as a Foreclosure Specialist. Currently work with over 20 major lenders as well as a dozen asset management companies. Head up the Bank Owned Property Division of the Schatz Real Estate Group located in Minneapolis, MN. Regularly consult and advise consumers from across the county.

I belong to the Realtor Association at the National, State and Local levels. Also the Real Estate Investors Association. The Real Estate Educators Association. The National Association of Real Estate Consultants. The Short Sale Specialist Network. As well as number foreclosure related industry organizations.

Consumer Reports, Money magazine, Consumer Digest and many local and national newspapers.

Bachelors Degree work in Psycholgy and Economics. Masters Degree work in Counseling Over 15 real estate designations. Specialized ongoing study of foreclosures, short sales, mortgages and real estate.

Awards and Honors
Diamond Award from the Certified Residential Specialist (CRS) origanization. Chapter of the Heart as President of the Minnesota CRS Chapter. Consumer-Certified Real Estate Consultant Certified Distressed Property Expert

Past/Present Clients
GMAC Asset Management, First American REO, HomEquity REO, Keystone Asset Management, Greentree, REOWorld, ServiceLink and more.

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