You can purchase your Dad’s house if it’s been foreclosed on if the bank will allow you to do so. However the banks have very strict rules and your Dad cannot occupy the property as well as being related may not allow you to do so. It will be up to the bank to decide.
What is friendly foreclosure?
A friendly foreclosure, by definition, is another term for a deed-in-lieu of foreclosure. This is a process where the homeowner or property owner voluntarily returns the property to the lender, allowing both to avoid the long and drawn-out process of a foreclosure.
Can I pay off a family members mortgage?
Making a direct contribution to someone else’s mortgage is the easiest way to pay the mortgage of a third party. Whoever pays the mortgage receives the tax deduction for mortgage interest. The homeowner will no longer be able to claim deductions for payments that you made, but you will.
Who is responsible for a mortgage in a deceased mother’s name?
You are not personally responsible for a mortgage in her name, but her death doesn’t wipe out the debt. The mortgagor is still entitled to collect that debt. If you have siblings or other relatives who are also entitled to her estate we strongly recommend you see an attorney.
Can a deceased mother’s mortgage affect your credit?
If neither of you were on the mortgage it is unlikely it will affect your credit. My mom passed away in 2016, leaving behind no recorded or any kind of written will. At the time, we were estranged, so I had no idea that she had a mortgage on a 2nd home that was previously occupied by a sibling. No one’s name was on the mortgage, just my moms.
Is the house me and my aunts name on the deed?
One house me and my aunts name or on the deed but her name on the mortgage this the home that the mortgage company is holding the insurance claim funds for.. We’re so sorry but this is a complicated legal situation and a home is at risk. We’re going to have to suggest you contact an attorney for advice. Our condolences in your aunt’s death.
