Foreclosure on home

I am living in my grandparents house who are now deceased. My grandfather passed in December of 2011 and he had a personal loan for $15,000. The bank is now wanting to foreclose on the house to get their money. The house was paid in 2006. My mother and I have already had a telephone conference call the bank lawyer and the court facilitator. The facilitator told us we need to find a lawyer who will open the estate so we can see how much equity is in the house. There may be enough to pay off the loan. What do  I need to do to keep the house?


Asked almost 7 years ago in Indianapolis, Indiana
Categories: Real Estate  Wills, Estates, Trusts

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Jason P Wischmeyer

Answer by Jason P Wischmeyer

VerifiedIndiana lawyer


I am sorry to hear about your grandfather's passing and the issues that surround the home.  It appears that the facilitator has already given you some good advice.  The first step will be to open an estate to determine the value of your grandfather's estate and, ultimate, get the home transferred to your or your mom's name.  We can assist you with this.  Depending on the equity in the home, after transfer you should be able to refinance the debt or you could sell the home to pay the debt and take the equity in case.  Our office is not only an attorney office, but we have a realtor on staff that can assist you with a market analysis to determine the value of teh home.
 
Please contact us at 317-429-0210 or email jason@wischmeyerlaw.com to discuss how we can assist you in resolving this matter.

Posted almost 7 years ago

Jason P. Wischmeyer jason@wischmeyerlaw.com www.wischmeyerlaw.com

Please note that this is for informational purposes only and does not constitute legal advice to you. Legal advice pertaining to your particular situation can only be provided by a lawyer who has met with you to obtain all pertinent background information necessary to give you a formal legal opinion. For formal legal advice, hire a lawyer (many give a free first consultation). Contact Jason P Wischmeyer, or search the Lawyer Directory.

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