Long story and I'm going to keep it as short as possible.

Nobody here knows how mortgages and death works?

buy bitcoin and ethereum

You can't inherit someone's debt.

It depends. It would help us if you post a picture of your girlfriend.

>>1844041

House would go to your immediate family if you dont have a will. They would have to continue paying the mortgage to keep the house. If they sell, the banks debt gets repaid. Your girlfriend would have no claim to it. If you married she would.

You need to talk to a short sale manager who you can get in contact with through a real estate lawyer

you should buy the house in a short sale, offer about $75,000 off the appraised value then take a balloon loan out for that amount. buy the house, then sell it to your parents for more than the balloon payment, but less than home's value

boom, thats called thinkin jewishly

I'm not buying their house. It was $1.4M / short sale at $570ish.

I can only get approved for around $340K.

Not worried about my girlfriend. I was leaving her anyways.


What my blunt question is - is this;

If I get the mortgage and sign everything and then kill myself - would my parents be able to take over the payments and keep the house as long as they keep paying.

I don't want them to lose the new house opportunity.

If it's different for suicide vs "accidental" death that obviously changes how things have to happen.

>>1844165

Doesnt work like that. The 'balloon' mortgage is still a full mortgage. Youd only be saving the 75k, thats if the bank even sold it to you.

>>1844173

Yes, they would get to keep the house if they kept paying, as they are your heirs. Im not a lawyer but i dont think it would matter, suicide or accidental.

>>1844156
This

>>1844175
Actually it does work like that.
The balloon mortgage simply means its short term loan backed up by the home, say three years, which means the interest rate is negligible. You work with the short sale specialist to determine the lowest price the bank is willing to take, then you get a balloon mortgage for that amount.

Since you bought the home for way below market value, you can flip the house to someone else and make a huge profit. Or you can sell it for just above the amount you owe on the loan.

Short sales take a year or more to process, so most people don't go this route.

>>1844173
why the fuck are you killing yourself so your parents don't have bad credit? jesus christ why the fuck haven't your parents sold it?? The market already recovered from 2009. Just tell your parents to find a new cheap piece of shit house and buy it with cash. Then let the house go into foreclosure and walk away with their family intact. Holy fuck you're sick in the head kid, your parents will go apeshit if you kill yourself so they don't have bad credit. its fucking asinine

>>1844200
It's not about them having bad credit. Has nothing to do with their situation.


They're in bankruptcy still and have other issues.

My life situation has nothing to do with this other than me wanting to know if they'll be able to keep the new house if they keep paying if I just so happen to die.

Thanks for other answers.

Hope you all do well in your speculations and gambles.

Thanks /biz/. Never really knew ya.