This relates to my husband's daughter.
6 years ago she and her boyfriend bought his grandmother's house for 120k. They each put 10k down. 2 weeks after they bought it he quit his job and hasn't worked since. He now receives ODSP. There is now about 90k owing on the house. It's still only worth about 120k, maybe 130k.
He offered her 10k to walk away. I think his Dad is planning to help him. She could fight for a little bit more, but I'm sure the lawyers would eat up any extra. I'm concerned if lawyers get involved he could try to get SS from her. She works full time but has a low income.
About 6 months ago they renewed the mortgage for a 5 year term. If they sell the house there would be a large penalty. I'm hoping there won't be a penalty if he takes over the mortgage.
I warned her about SS and told her to take the money and run, and to stay in the house until he has the financial arranged.
I just want to make sure I've given her correct advice. I did tell her she should take advantage of a free lawyer consult.
6 years ago she and her boyfriend bought his grandmother's house for 120k. They each put 10k down. 2 weeks after they bought it he quit his job and hasn't worked since. He now receives ODSP. There is now about 90k owing on the house. It's still only worth about 120k, maybe 130k.
He offered her 10k to walk away. I think his Dad is planning to help him. She could fight for a little bit more, but I'm sure the lawyers would eat up any extra. I'm concerned if lawyers get involved he could try to get SS from her. She works full time but has a low income.
About 6 months ago they renewed the mortgage for a 5 year term. If they sell the house there would be a large penalty. I'm hoping there won't be a penalty if he takes over the mortgage.
I warned her about SS and told her to take the money and run, and to stay in the house until he has the financial arranged.
I just want to make sure I've given her correct advice. I did tell her she should take advantage of a free lawyer consult.
Comment