Posted on: 08th May, 2010 02:41 pm
MY DAD BOUGHT A HOUSE FOR MY SISTER, HE QUIT CLAIM DEEDED IT TO HER BEFORE HE DIED. MY MOTHER IS STILL LIVING AND MY SISTER WANTS TO MOVE IN WITH MY MOTHER AND LET HER HOUSE GO. SHE REFINANCED HER HOUSE SEVERAL TIMES, AND WANTS TO LET IT GO BACK TO THE BANK. SHE OWES MORE THAN IT IS WORTH. HOW DOES THAT WORK?
can you give me an answer
Welcome rcbaum,
If your sister wants to sell off the property, then she will have to list the property in the market. This will help her in selling off the property. After the property is sold off, she will have to pay off the mortgage dues in full to the lender.
If your sister wants to sell off the property, then she will have to list the property in the market. This will help her in selling off the property. After the property is sold off, she will have to pay off the mortgage dues in full to the lender.
Hi Rcbaum,
There are two options according to me for your sister. Firstly, she can check out the market price and sale out the property. Secondly, as she had already re-financed the property several times and the problem is still there, she can try for short sale. However, before doing short sale she can try all other options. Consult with a good attorney and find out the options open for you.
All the best.
There are two options according to me for your sister. Firstly, she can check out the market price and sale out the property. Secondly, as she had already re-financed the property several times and the problem is still there, she can try for short sale. However, before doing short sale she can try all other options. Consult with a good attorney and find out the options open for you.
All the best.