Q: PA - reverse mortgage, last lender died. Heir and Executor - how can I save house?
I'm sole heir by will, last lender died (my mother). Fiancee and I have been living with her as caretakers (she had alzheimers) and currently reside in the home as our residence, with nowhere else to go. Possible at ALL to save the home? Have a student loan and make maybe 16,000 or so a year - cannot get financing or even BUY a home without the equity of the current home. They give the options to short-sale (even to myself) or to deed in lieu, but trying to figure out if there is ANYTHING we can do to secure the home to live in it, as we've really NOWHERE else to go.
A: I assume you mean that your mother was the borrower on the Note and Mortgage, that either her will named you as sole heir to the house, or if no will, that you are an only child.
Yes, it is possible to save the house, but more of your financial facts are needed, as well as a real appraisal of the house's value. A chapter 13 bankruptcy proceeding is designed to save the residence.
I'd be happy to discuss these issues with you, if you provide additional financial information.
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