Updated about 2 months ago on . Most recent reply
Save pops house from being sold
Hey BP family I need your help with a family matter. I value the opinions and expertise of this community and appreciate any guidance on the matter.
My grandfather passed a few years ago and his home had an equity of 45k still remaining. My uncle who is the EOE allowed My cousin to make the payments but when they went from 350.00 to 980.00 she couldn't afford it. She let 5months of paying minimal or nothing at all before she said anything. My uncle now wants to sell the headache. I don't want to lose the home so I wanna step up and take control.
My thought of possible resolution:
I was thinking of a loan assumption so I can be deeded the new property owner. My uncle will sign off on it and hive the bank permission but I would have to Qualify for the loan I'm assuming. instead of buying another investment property I figured I could do this and fix it up and rent it out....atleast it would still be in the family.
Your thoughts......how should I proceed and what type of process and I walking into? All expertise and I sight are very much welcome and appreciated. Thankyou.