Buying/taking control of property?
Hello guys, I need a little input here, I would like to take control of a property (buy) that is a rental for a older family member, the mortgage is more than it is worth. My older family member DOES NOT write off the losses (depreciation, common charges, fix up costs, ETC.... YES IT IS A CONDO), because he is on social security and can show a limited amount of money. I am not sure about that. But I would like to buy or take over this property keep it and if there are any tax write offs I can handle it. How would I go about this? He can't refinance and bring the extra money to the table, so how can I take control of this burden for my family member? Or is there another way to negotiate with the bank (BANK OF AMERICA) TO LOWER INTEREST RATE OR SOMETHING? Any Bank Of America contact numbers?
Thank you for the help.....