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parents may loose family property

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by sherallofit, Jan 26, 2009.

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  1. sherallofit

    sherallofit Law Topic Starter New Member

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    My jurisdiction is: WI/Clark

    Father is collecting disability and deteriorating. Step Mother may loose job and holds insurance. I took a twenty five thousand pay cut to move closer, help and try to save family property which parents took over mortg. payments from my grandparents. They owe to much and house is old so my wife hates the idea of taking over this property that means much to me and rest of family who will not do anything. I would like to start a small business on this property and try to clean up and possibly rebuild. I am very ignorant about options and my priority is to save property from leaving family an help parents where i can without loosing my family in meantime.
     
  2. dee_dub

    dee_dub Moderator

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    If you want to keep the house, ask your parents to sell it to you. Then you can pay the too high mortgage payments on an old house your wife hates.

    Why are you going to lose your family? Oh, wait, I see...

    Hmm. This is a toughie.
     
  3. IbeCogent

    IbeCogent New Member

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    In my humble opinion, NO property is worth what you've described. To lose your family because you are being persistent in fighting the battle to keep a property you can't afford seems to make no sense. Also, if you can't get the rest of the family to chip in to save the family home, they obviously think it's not worth it. What you've described also presents a couple of problems: 1) You say your parents took over your grandparents mortgage. There is probably a "due on sale" clause that would allow the bank to foreclosure, especially if you took over the mortgage next. 2) You've got some serious tax ramifications if you do this improperly. Time to talk to a CPA and go over the numbers. 3) Your wife is still going to be very unhappy.
     

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