My mom passed away. She left me a house, loan in her name. Can't afford the mortgage, can't sell, what to do?
What's worse is that I invested a lot of time and money to license this house as an Assisted Living Home, and I would hate to lose my business as well. If I were able to have residents move in immediately I would be able to pay the mortgage, but so far I am not having any luck. Can somebody please give me helpful advice? Should I stop ignoring the lender's calls? If so, what should I say?
heyteach: I inherited the house because before my mother died she signed a quick claim deed to give me ownership. That has already been recorded with the County Recorder's Office. However, I have not taken Mom's death certificate over there which is required to have the title put in my name. Right now I only officially own the house if I litteraly have my mother's death certificate in hand.
Mom had no other assets nor life insurance.
House was licensed with Mom as property owner.
I do not have my own place.
I did have one investor want to buy the house, but he flaked out for unknown reasons.
I just want more than anything to keep living in this house and get this business off the ground. To my understanding, I could easily sit back, do nothing, and allow the house to be foreclosed upon, not hurting my credit because the loan is in Mom's name. But I WANT to keep the house! Right now it's all I have.
I tried to get a small business loan a few times, but I was denied everytime.
I want to apply for a government grant for the business, but there is definitely not enough time for that to save me even if they did grant me something.
capricorn122268: I'm not ignoring the problem thinking it will just go away. I'm asking questions here because I do care. Yes, I did have power of attorney for my mom, but now that she is gone, so is my power of attorney. At least that is what I understand.
By law, don't I have to be late on 3 payments for the lender to start foreclosure???