Sunday, October 18, 2015

Will the bank take back the house?


My parents are both deceased, dad died in February of this year and mom in 2012. They owned 2 houses, the house they lived in and a house they rented. The house they lived in was sold but the rental is not in the best location and despite repairs, landscaping and staging is not selling. It's next to a graveyard and it's also upside down on the mortgage. Since the house is legally in the name of the estate, how likely is it that the bank will accept the deed in lieu of foreclosing, kind of like a short sale in reverse? Any suggestions for unloading the property without having pay it off which we can't really afford to do?

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