What can a single mom do to keep her house from being foreclosed on?

freemusic77: What can a single mom do to keep her house from being foreclosed on?
A very good friend of mine is a single mom and her father passed recently, leaving her the house but a large mortgage as well. She has little to no credit, not a lot of savings, and the house has been in her family for years. She needs help with figuring out her options, she seems to be running out of them. Any suggestions?

Answers and Views:

Answer by reenzz
Her only options are to either pay the mortgage or sell the property.

Answer by KMcG
She could try refinancing. Did dad not have mortgage insurance or life insurance.

Answer by Ryan M
If she cannot afford the house, there simply are not any long term solutions or options. She needs to sell it any way she can and as fast as she can.

Answer by Cold
If the house has been in the family for years, shouldn’t the mortgage be paid off by now?
At least it should be pretty close to it.
She can re-fi the house.

Or has she been using the house as a piggy bank and re-financing to get cash out?
If so, she might be underwater.
Google the word short sale…

Answer by someone
She is already in violation of the law since that mortgage cannot be transferred.
She needs to sell it or take in roommates. There are NO options

Answer by ibu guru
What does the attorney for your father’s estate say? What’s happening in Probate Court? What provision in the father’s will for paying his debts – like his mortgage? And who are his heirs? The mortgage needs to be paid in full immediately since the father is deceased or else his lender gets that house. If she is sole heir, perhaps she can refi in her name to pay off father’s mortgage. Otherwise, sell the house fast or the bank/mortgage lender gets it. She has NO other options!

Since her credit is nonexistent, and no savings, her chances of getting a mortgage in her name (if she is sole heir in the will!) are nonexistent. Sell the house through the Probate Court and pay off the father’s mortgage and any other debts he had.

Answer by msi_cord
She could try to refinance the mortgage. If this does not work, she may have no choice but to sell the property if she cannot afford it.

Answer by Landlord
It looks like she needs to either sell, or just let the bank have it.

The bank has to be repaid the money, one way or the other.

Answer by the kid
Her only option is to pay what is owed. That’s literally all she can do.

Answer by spalmer
The mortgage isn’t “left to her.” Her father’s estate will pay off the debts (including the mortgage) if there’s money to do so… if not, the home will be sold. Your friend has the option of purchasing the home; however, with no credit and no savings… I doubt she can afford to purchase the home. Has her father’s estate been probated yet? The majority of mortgages are NOT assumable. Is your friend the only heir and did her father have a will? It sounds like she needs to speak with a lawyer about her father’s estate (assuming that she’s the executor of the will – or – the only heir/child). She cannot simply assume the mortgage, but she can pay for it out of her father’s estate if she’s the executor. Otherwise, the home may need to be sold to cover other debts. I’m sure this is a very difficult and confusing time for her, so suggest that she contact a lawyer for a consultation – or – let her know that you will do that for her.