My dad is going to die soon, and the mortgage on our house got

is his life insurance enough to cover it?

if not, suck dick and sell coke. If nothing else you could write a good book after.

>>17829685
We dont have life insurance, cant afford it. The house is at like 200,000$ right now and its not even worth that much. The mortgage company really fucked us...

If you can't afford the mortgage repayments, it'll be sold. It's as simple as that. It's in the terms of the mortgage when your father/parents signed up to it. The mortgage broker doesn't give a fuck about your sentimental feelings, they just want their money.

You can't have your cake and eat it too.

From what it looks like, you have two options, let's numb it down to "Stay and Leave"

Stay: You get the house but you have to spend more and more money trying to pay the mortgage (which you've stated you aren't going to be able to do)

Or leave: You completely give up without even trying to keep it, you don't need to be caught up in the past but instead focus on the future. It'll save you the money and the stress.

In the end, the choice is up to you, I say photograph the entire house, grab your childhood photo album to remember it by and leave.

Good luck,

-Face

>>17829673

try consulting a few lawyers and friends/relatives who're in the financial business. i read a while back about financial/lending institutions tricking their clients into paying more than they should. that refinanced back to full amount sounds fishy to me.

you could negotiate for a monthly payment that's within your budget. even if you pay throughout your life at least you still get to live in your home.

i know how you feel about your house meaning so much to you. i hope you get the help you need.

>>17829750
>that refinanced back to full amount sounds fishy to me.
I interpreted that as OP's family needing money so they remortgaged their house. Nothing fishy about that

>>17829673
im so sorry OP

>>17829750

also, OP, how big is the house? what's the rental situation in your area? maybe you can rent out a room or two to help with the payments?

>>17829673
I'm work in property. I'll give you some tips.

1. No matter what, emotionally detach yourself from the house. You must do this to think clearly. View this right now through a business lens of sustainable profit. You must do this to succeed, put all bias you may have aside.

2. I'm not American but it sounds like you are due to the unregulated finance structure, do what other anons said, pay for advice from a professional, lawyer, mortgage broker, accountant, bank manager. To me this almost sounds like a reverse mortgage was taken out by your dad, maybe to pay for treatment. In the US parents often do this secretly as not to burden the children.

3. If the house is located in a popular area, start a cleanup, make it very presentable and start advertising on Airbnb, etc to make quick income so you can hold the property short term.
If the area isn't touristy but is located near employment generators see if rental will cover the mortgage repayments, if so lease it. Speak to your accountant first to structure a plan.

Make the property a business for the next 5 years and you'll build equity and be safe and hopefully keep it.

Good luck anon.