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My father bought two house one fro him and the other one my uncle was supposed to be paying for the mortagage but he got real late on his payments and now my uncle doesn't want the house anymore, he owes $12,000 but his real state agent told him to sell the house . Can that be done since my father owes money for that house to the bank? And the banks keep calling my father what can happen to my dad if he doesn't speak to the bank?
Thank you
You dad needs to sell the house, I will assume the house is in your dads name since he bought it.
Your Dad really does need to put that place on the market. If the loan (mortgage) on that house is in your Dad's name and if your Uncle isn't making the payments and your Dad isn't making the payments, your Dad's credit is probably heading towards the crapper at break-neck speeds! It was a very nice thing he did for your Uncle, but he needs to look out for himself.
If he doesn't want to sell it and if he has the money to catch up the amount in arrears, he could pay it up to current, then rent the place out. Either way, I am sure your Dad didn't ask for any of this!
If your Dad refuses to speak to the bank, they will begin foreclosure proceedings ($12k! what would you do!) and that will really hurt his credit. Plus, if it is at all possible to sell that house for any profit (may be tough now with all the penalties), it will be gone if the bank takes it back first. Plus, if they do foreclose on the house, after the bank sells it, if they do not get out of the sale what they need, they can put a lien against your Dad for the "short sale" amount, meaning what is left over.
Either way you slice this, it needs taken care of pretty quickly. Good luck to him and I hope you Dad gets that taken care of!
If the house is in your fathers name there will be a forsclosure. You can sell the house to pay th ebank then it will be out of your father's handsQuote:
Originally Posted by vivi123456
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