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Barrister
Barrister, Lawyer
Category: Family Law
Satisfied Customers: 37040
Experience:  Attorney with 16 years experience
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My stepfather just passed away, left my mother with a house

Customer Question

Hi. My stepfather just passed away, left my mother with a house with significant mortgage. My mother is and has been a housewife for many years. She is on the title of the house but not the mortgage. She doesn't have stable income. what are her options if she still wants the house?
Submitted: 1 year ago.
Category: Family Law
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

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Is she going to be able to afford the payments on the mortgage?

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Is there any equity in the property?

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thanks

Barrister

Customer: replied 1 year ago.
Hi Barrister,She is not able to afford the current payments which is roughly $2,500. She may be able to afford a much smaller amount.There's equity in the property. The property is estimated to be $510,000 according to Zillow, and the mortgage is roughly $360,000.Ian
Expert:  Barrister replied 1 year ago.

Ok, from a purely legal perspective, if she isn't able to afford the payments, and she can't get someone to help her with them, then she is going to have to sell the house to keep it from being foreclosed on and realized any equity out of the property. She could try and rent out rooms to tenants to generate income to be able to afford it, but she may not want to share her home with others.

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With that amount of equity, there is virtually no way the bank is going to agree to forgive some of the mortgage or refinance if she can't afford the payments because their loan is secure and they will get paid in full if they foreclose.

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So it might be an unavoidable eventuality that she is going to have to sell the house and move to something smaller that she can afford on her own..

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I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience, even when I know the answer doesn’t make the customer happy...

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thanks

Barrister

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