Step Sons Father Passed Away. Need Advice Quickly!
There is no equity in the property. He filed for bankruptcy in September 2005. Family is in town with no idea what to do.
House contents are valuable. Can the bank demand contents be sold to pay towards the debt?
Should the family let the house go into foreclosure, disperse the contents and move on?
Their are no heirs to live in home.
[ Edited by daryl1234 on Date 02/01/2007 ]
Right. Your opinion seems reasonable. If you are sure they werent married when they bought the house and the wife is not on the mortgage. Let the bank take back the house, i dont think TZ cares about his credit now. Kids better take what they can before bank locks up the home. I doubt if the furniture is listed as an asset, as long as its paid off.
Unfortunate situation, but the kids should get the furniture and household belonging. Doesnt look like they got cash to throw at some attorney either.
Is the mortgage on this property too high for renting it out to be reasonable? If not then that would probably be the way to go.
No bank has a lien only on the house and land not the contents.
Do what I did and some others and say that your planning your estate. What bank can argue with someone planning for their future, or lack there of.
Scott
is there any benefit in doing a refi and finance in the name of the LLC?
I second the advice about getting a good CPA and or attorney for advice for you. Sometimes though the answer may be that you should get an umbrella insurance policy for 1-2 million instead. This is relatively inexpensive, easy, and will cover most issues.