my boyfriends mom took 200,000 of equity out of her house the house is worth about 400,000?

Question

she has just been told she has 9 monthes to live. another problem is she started an addition to the home adding a whole 2nd story. come to find out she doesn't have enough money to finish it. now it's almost unliveable and rain is coming in. the laborers refuse to work without any more money being paid out so the project is at a stand still. what is good advice for my boyfriend. when she goes will the bank take the house can my boyfriend inheritt debt please help.

Answer 1

She can take out a construction loan to finish the project, presumably. I don't have enough information to really say but that is one option. If you are in California, give me a call & I can assist you further.

Mike Noga
Chief of Staff
First Fidelity Funding
Direct: [phone]
Main: (510) 587-REFI (7334)

Answer 2

Advice to the boyfriend, Stop worrying about your mom's house and support your mom in what may be her final days.

As far as debt, as long as you aren't on any loan or mortgage, you can't inheirt debt. Her estate will first settle any debts she owes before anything is given out.

Answer 3

If he is not on the deed or the mortgage, he cannot inherit her debts. That is the responsibility of her estate. He should not bank on getting an inheritance though.

Answer 4

this is a subject left up to the mom and the son and the lawyer that will be helping with the estate, not the girlfriend trying to find a rather complex answer on the Internet. because states and locals differ it would be impossible for anyone to accurately answer
this question. talk with you're boyfriend on the legalities of this subject.

Answer 5

Try bankruptcy chapter 7 or 11 and see if this will help her and talk to some charity agencies that may lend a helping hand.