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My father is 82 years old,his wife just passed away, now he can not manage

My father is 82 years old,his wife just passed away, now he can not manage paying his mortgage without struggling. The property is upside down, negative equity of about 60,ooo dollars. He has about 50 thousand in the bank,which he will need for medical bill,his health is failing.I thought a deed in lieu of foreclosure would be best,what do you think. Also am I responsible in any way financially when I become his power of attorney? Thank You Maryanne

Asked on 5:25 pm Oct 11th 2011

Anonymous

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Welcome Guest,

If you and your father don't want to save the property, then deed in lieu of foreclosure is a good option to get rid of the property. This will not only help you in selling off the property but you won't be liable for paying off the deficient balance resulting from the sale of the property. However, if you and your father wants to save the property from foreclosure, then he may apply for a reverse mortgage and check out if the lender can help him with that. Or else, he may even apply for a loan modification in order to save the property from foreclosure.

Answered on 10:38 pm Oct 11th 2011

adonis

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My father is 82 years old,his wife just passed away, now he can not manage

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