Real Estate Questions Concerning Child's Rights
I am trying to help out a close friend that was placed in a very unfortunate situation. Her ex/father of her child passed away and the estate went to the son. She has a probate for her son, but doesn't want to keep the house because of the bad memories for the son. She plans to let them foreclose on the house. Her current husband and I understand her issue with the house, but know its a potential investment for her son in the long run.
The house was appraised at $250k, he owed $200k, it has been almost a year since a mortgage payment was made.
What other options might she have that doesn't require her to keep it, but could help her son out?
We discussed the potential for me to buy it, possibly as a short sale. I am not sure how all of that works. I contacted a RE lawyer. However, I didn't get far there. I have a lot to learn. I recently purchased my own house using a VA loan.