Trying to buy 5 Estate properties from my fathers estate in Indianapolis, Indiana
What is the best way to work with banks on over leveraged properties? My father passed away on 12/18/2012. There are 5 properties that had loans against them. Our estate attorney suggested we "abandon" the properties legally. We did so. Going on two years later the banks have still not done much of anything with the properties. The city has boarded one of the houses.
I have tried talking to the bill collectors who call but have not gotten too far. The estate has been closed. I was the executor of the estate. There are a couple properties I would really like to get. However I do not want to pay the bank what my father owed on these properties. Do any of you have any suggestions on dealing with the banks. It is my understanding the bank will not short sale the properties to me because I am a blodd relative. On paper it makes sense to keep making the payment dad was making and keep collecting the rent. It looks to be cash flow positive. At the time it was more than I could handle. Personally, I do not want to overpay for a property only because it cash flows on paper.
Any information you all can provide would be greatly appreciated.
David Rollings