Q: Hypothetically Is there a way to take over someone’s home and loan, (including loan interest rate)
hypothetically a close relative needs to file bankruptcy but I assume she will loose the home in the process so I will take over home and loan then rent it to them theory. The home mortgage is currently and no payments missed
A:
She won't necessarily lose the home, but it depends. If she has equity, if she's been up to date on paying her mortgage etc. Your relative would need to speak to bankruptcy counsel re the specifics of her situation.
Re you taking over, that is something you would need to request of the bank, but it will likely just be a new loan application.
Timothy Denison agrees with this answer
A: Purchase it now for fair market value before filing bankruptcy. If not, the bankruptcy court could void the transaction.
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