Legal Question in Real Estate Law in Pennsylvania
A mother and daughter sign a mortgage loan. The loan is in good standing. there is a $20,000 balloon payment due in 2015. The mother is 85 years old and is living with another daughter. The other daughter wants to default on the loan, and short sale the house to get cash. The first daughter still lives in the house, is on the deed, and wants to keep the house. She cannot pay the $20,000. What options does the first daughter have? Please note, the loan is only in the name of the mother.
1 Answer from Attorneys
The question is confusing since the beginning says the mother and daughter are on a loan but the last sentence says it's only the mother. If the daughter is not on the loan then she has very little say since it's not her loan. If she is on the loan then she can renegotiate it. If it is deeded to both then the daughter can force the sale of the property and then use the proceeds to buy a new house. If only 20 thousand is due then the property should yield some cash.
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