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Reply to "Question Re Buying Divorcing Parents Home"
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[quote=Anonymous]My Mother and stepfather are in the process of divorce but still living together. My stepfather lost his job a few weeks ago and wants to move to Florida to semi-retire. He initially proposed that DH and I buy his house for what was left on the mortgage (giving us about $60k in equity). A few days later my stepfather realized he is actually underwater and has negative equity from taking out a second mortgage in 2006. (Not sure how he or my mother did not [i]remember [/i] this???) He then suggested we buy the home via short sale, but honestly, I don’t want to deal with it. I feel as if he got himself into this mess and needs to own up to his own actions. However, I do not want my mother to become homeless in the process. My mother’s name is not on the mortgages and she can live with us, at least temporarily. Is it terrible of me to let him default or we morally obligated to help him out?[/quote]
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