Need advice on how to acquire a property keep reading
I have a friend who was renting from his friend that owned the house. The guy that owned the house passed away about 2-3 months ago. This persons parents were both deceased, has no brothers or sisters and has no children. The next person in line would be an 84 year old uncle that lives states away. It is unlikely the house would be given to anyone. I think this house will go into foreclosure since no one is paying the mortgage. Any Ideas on how I could acquire this property. Short sale?
Thanks for the help
Most Popular Reply
Ron S.
#3 Foreclosures Contributor
#3 Foreclosures Contributor
- Paradise, CA
Stay in the house until you get notice of the sale. Attend the sale and pay cash for it. There isn't any other way it's going to happen. That 84 year old uncle is a perfect example of why it isn't going to happen any other way.
No lender is going to risk working with anyone that isn't a party to the loan, especially if the obligor died intestate. As unfortunate as that may sound to you, I would hope that you would appreciate that they would afford you that same courtesy. Who knows what heir may be out there.