My father passed away in April. His house is going in foreclosure soon. I want to keep the house..dad spent so much time and energy into the house by fixing it up. My husband and I were looking to buy soon anyhow. His payments are to much for me... he had one of those bad loans. I would like to purchase it . I am assuming because of the economy maybe I could make a deal and keep it. Legally how do I do this. Please help. Dad had no will.
I am assuming the home is upside down and a short sale would be required. If that is the case, it must be an arms length transaction, meaning immediate family such as yourself cannot purchase the property. Unless, however, the lender is aware that you are purchasing the property and has no problem.
The above information is not intended as legal advice. If you have any legal questions consult with an attorney of your own choosing.