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  #1  
Old 05-17-2006, 09:28 AM
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Join Date: May 2006
Posts: 7

Grandfather no longer wants the house

What is the name of your state? PA

My grandfather owns a home. He is 91 and no longer able to live by himself there. We plan on moving him out of the house. We have found out that there is a 53k home equity loan on the property. The place is worth no more that 20k. The house is falling apart. There are major structure flaws. What would happen to my grandfather if we don't pay the loan?

Any info is helpful.

Thanks.

ps. if this has been answered before feel free to point me to the post.What is the name of your state?
Last edited by mpr131; 05-17-2006 at 09:52 AM. Reason: spelling
  #2  
Old 05-17-2006, 09:55 AM
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Join Date: Jun 2004
Location: "Harvey and Me"
Posts: 25,177
how long ago was the 2nd taken out?
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  #3  
Old 05-17-2006, 10:00 AM
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It was taken in 2000 but refinanced in mid 2003.
  #4  
Old 05-25-2006, 08:32 PM
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Join Date: May 2006
Posts: 7
State: PA

I also just found out my mom is on the deed to the house but only my grandfather on the equity loan. If it goes into foreclosure does it show up on both credit reports?
  #5  
Old 05-28-2006, 09:06 PM
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Join Date: May 2006
Posts: 6
Don't take the chance, if there is no first mortgage file a quitclaim deed to remove your mother from the property and make sure she is not listed on the taxes or insurance.
After this is confirmed surrender the property to the lender.

Other option is if you can rent the house it sounds like it may be a good income property.
a little paint goes a long way

Monthly Rent $950 or Higher
Mortgage/Tax/Ins. $550

Net Monthly Rental Income $400
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