Legal Question in Real Estate Law in Indiana
my husband and I are moving my parents into our home because they can no longer afford the one they have. They are upside down in a crime ridden area with a 100+ year old house that is falling apart. what are the consequences if we let theirs go? I understand all about foreclosure but I know of at least 2 people who foreclosed without the bank going after them including my father in law who cosigned on a home for his other son and he had over 2 million in assets.
1 Answer from Attorneys
If your parents don't owe anything on the home, there isn't much of a downside to abandoning it. But if they owe a mortgage, you cannot count on the bank not pursuing them. If the bank takes a judgment against them, the judgment could be a claim or a lien against any assets which your parents intend to leave to their heirs. Best idea is to consult with a debtor's attorney to make sure that your parents' situation is properly and completely reviewed and all options explored.
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