My parents purchased a rental property in Akron, OH in 2004. Both my mother and father are on the deed as owners of the property, but only my father is on the mortgage. Recently, my father passed away and the renters moved out and left the property in unlivable conditions. My mother now has social security as her only form of income and we have been struggling to keep up payments. I looked into selling the property, but it would have to be a short sale and even that would be difficult in it's current condition. If this was to go to foreclosure, would my mother be liable in any way? My mother still has joint accounts w/ my father and I am aware of the right to offset - although I don't think social security can be offset. My mother has credit in the 700s and doesn't want it to be damaged. Also, I wasn't sure if her assets could be affected. She owns her primary residence in Chardon,OH (about an hour away from the rental) w/ no mortgage and she also has 3 vehicles.
Thanks in advance for any help. Any information would be greatly appreciated!!
Thanks in advance for any help. Any information would be greatly appreciated!!