Father's Property Debt
Date: Tue, 08/14/2012 - 16:28
My father has debt of over 40% of his house and property. We recevie annual income that is almost 10% of the total debt but usually can only pay the minimal. If we end up oweing over 25% on the property later on, will my mom have to sell some of the land if he passes away? The reason I ask is that his income is tied to his debt he took out and we could not increase income if something did happen. Trying to not leave a stressful burden for my mom to deal with, Thanks for any help!
There is nothing you can do except for refinance the loan maybe?
There is nothing you can do except for refinance the loan maybe?
