They start foreclosure pretty quickly on houses with equity. Those people that get to squat in their house for 2+ years without paying the mortgage are underwater - house is worth less than they owe. I'm guessing this is not the case here.

My parents owe 90k on a 300k house (not in this area) and I bet the bank would be beating down their door if they stopped paying the mortgage.

Since there was no will, and he is executor, I assume the estate is already in probate. Are there any other beneficiaries - likely other siblings? Is he the sole beneficiary? Are there any other assets in the estate? If he is NOT the sole beneficiary, then he needs to work with the other beneficiaries to figure out what to do with the house, as they own a share too. If he is the sole beneficiary, he will need to work with the courts to get the title transferred into his name.

Does he live in this area? Jobs aren't that hard to come by if he's willing to take on other work.

Sell

Anonymous wrote:I have a friend whose mom died and left a bit of a mess: unpaid for house, unpaid for car, no will. He is a currently unemployed former teacher who has been looking for a job for so long its now time to start applying for Costco and other retail places. He was the caretaker of his mom for the better part of a year making job searching even more impossible. Anyway, the mortgage insurance runs out in June, and he is no closer to finding a job at this point.

His mental state is burdened and overwhelmed. Suggestions to sell the house do not go over well, as it was the house he grew up in, he has pets and, in the end, he would still need a job to pay the mortgage and the mortgage is around $1500, not much higher than a one bedroom apartment in the area.

So I can see that him staying in the house is the best option, however my question now is "whats next?"

Given that he is the executor of the estate, if he is unable to come up with the mortgage, whats next? I know I have heard that sometimes people can go months to years without paying the mortgage and are not foreclosed on right away, that this process takes time. However, given that the mortgage is not in his name, but in that of his deceased mother, I have a feeling it would play out differently.

In the best case scenario he lands a job at Costco and can pay the mortgage.

But if that does not happen, does anyone has expertise in how these things work, and what happens if he doesnt? Is there a margin of jiggle room here in terms of time to get a job and start paying? Should he contact the mortgage company in advance? Those are my main questions.

Thanks in advance!

So you are suggesting he just squat in the house until he is removed by the bank losing any equity that is in the house? He needs to contact a lawyer to get help settling the estate.

Anonymous wrote:Can he do a refinance? Extend the current mortgage to 30 years and lower the monthly rate? They will even roll the refinance costs into the mortgage so this wouldn't cost him anything.

He doesn't have a job, how could he refinance?

Roomates seem like a great option

Can he do a refinance? Extend the current mortgage to 30 years and lower the monthly rate? They will even roll the refinance costs into the mortgage so this wouldn't cost him anything.

Can he take in a roommate?

He really does not want to get stuck working with the loss mitigation (foreclosure) department of the loan servicer.

How many other siblings?

Anonymous wrote:A lawyer could answer your questions, tell him what his options are, and help him with the paperwork.

+ 1000

A lawyer could answer your questions, tell him what his options are, and help him with the paperwork.

OP here. A lawyer costs money. He has none. What would a lawyer be able to accomplish in this case- extend the time he has to pay?

Lawyer!

I have a friend whose mom died and left a bit of a mess: unpaid for house, unpaid for car, no will. He is a currently unemployed former teacher who has been looking for a job for so long its now time to start applying for Costco and other retail places. He was the caretaker of his mom for the better part of a year making job searching even more impossible. Anyway, the mortgage insurance runs out in June, and he is no closer to finding a job at this point.

His mental state is burdened and overwhelmed. Suggestions to sell the house do not go over well, as it was the house he grew up in, he has pets and, in the end, he would still need a job to pay the mortgage and the mortgage is around $1500, not much higher than a one bedroom apartment in the area.

So I can see that him staying in the house is the best option, however my question now is "whats next?"

Given that he is the executor of the estate, if he is unable to come up with the mortgage, whats next? I know I have heard that sometimes people can go months to years without paying the mortgage and are not foreclosed on right away, that this process takes time. However, given that the mortgage is not in his name, but in that of his deceased mother, I have a feeling it would play out differently.

In the best case scenario he lands a job at Costco and can pay the mortgage.

But if that does not happen, does anyone has expertise in how these things work, and what happens if he doesnt? Is there a margin of jiggle room here in terms of time to get a job and start paying? Should he contact the mortgage company in advance? Those are my main questions.

Thanks in advance!