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Your offspring still would get any equity left after paying the remainder of the note. It's not like they confiscate the whole house because you still owe $100
by joezydeco 10y ago
Your offspring still would get any equity left after paying the remainder of the note.
It's not like they confiscate the whole house because you still owe $100,000 on a $250,000 home. But the survivors do have to keep the home out of foreclosure (as in, keeping the payments current)
- toomuchtodo 10y agoI specifically invest in homes that have been foreclosed on when someone has passed away, because I can't stomach the thought of purchasing someone's home that they were evicted from because they couldn't afford it (ie vultures on the court house steps). I can't tell you how often someone's heirs either didn't know or didn't care enough to take care of what was required to keep the mortgage in good standing to sell the property and get the equity out.
- drewrv 10y agoDo you think maybe grieving families have different priorities than selling off assets right away? Or maybe they're trying to sort out among themselves who is in charge of making payments? Or maybe they can't afford payments because the breadwinner passed away? I'm not trying to judge what you do or what situations you're a part of, but it doesn't sound much different than the "vultures on the court house steps" to me.
- toomuchtodo 10y agoForeclosure takes 1+ year in my state. I consider myself an acquirer of abandoned property at that point, and again, I don't pursue acquiring the property if there is a family attempting to live there (as you say, after he breadwinner has passed).
- drewrv 10y agoMakes sense.