raymondhow
Junior Member
What is the name of your state? PA
My mom and stepdad own what I call their "mystery house". It's a large old recreational building which they partly converted into a home, the result being a one-bedroom apartment with the world's largest unfinished closet (which is packed with a lifetime of stuff). The building is rather ugly but physically sound. The property is nearly an acre, and nicely located on a small lake near the Poconos. My parents are both currently incapacitated, my mom being in the hospital and stepdad in a nursing home.
They owe $150,000 on the property, pretty much mortgaged to the hilt. Someday it will pass on to 5 children, and I'll be the executor. I'm not at all looking forward to liquidating their estate, as I live 2500 miles away in California, as do the other children. Making the property sellable would require mountains of time and effort.
It occured to me that allowing a foreclosure might be the least hassle for the family, although I'm unsure of the consequences. Could a foreclosure reflect badly on the credit ratings of the heirs? I'm sure I will speak to an attorney about all this someday, right now I'm just trying to explore the question.
My mom and stepdad own what I call their "mystery house". It's a large old recreational building which they partly converted into a home, the result being a one-bedroom apartment with the world's largest unfinished closet (which is packed with a lifetime of stuff). The building is rather ugly but physically sound. The property is nearly an acre, and nicely located on a small lake near the Poconos. My parents are both currently incapacitated, my mom being in the hospital and stepdad in a nursing home.
They owe $150,000 on the property, pretty much mortgaged to the hilt. Someday it will pass on to 5 children, and I'll be the executor. I'm not at all looking forward to liquidating their estate, as I live 2500 miles away in California, as do the other children. Making the property sellable would require mountains of time and effort.
It occured to me that allowing a foreclosure might be the least hassle for the family, although I'm unsure of the consequences. Could a foreclosure reflect badly on the credit ratings of the heirs? I'm sure I will speak to an attorney about all this someday, right now I'm just trying to explore the question.
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