What to do with your parents home when they go to a nursing home:

We've received plenty of phone calls from adult children who need to sell their parents home and move them into a nursing home. However, a lot of times the house is not paid off and there is still money due and owing on the mortgage. For example, one person wanted to sell their mother's house she was living in but she owed $120,000 on her mortgage and her house was only worth $95,000 at best.  They did not have the difference to make up the loss.

A short sale will allow someone to sell their house for less than what is owed if they qualify.  To qualify, a person needs a hardship.  For most people their hardship is a loss of income or increased expenses. In a case such as this, a short sale would be the best option.

If you need to sell your home but owe more than it is worth, give my office a call to go over your options.  The call is free and if you end up doing a short sale our legal representation is free.

Posted by Bradford Miller Law, P.C.

A Law Firm Dedicated To Real Estate Law, Landlord Tenant Law, and Estate Planning

10 S. LaSalle, Suite 2920

Chicago, IL 60603

312-238-9298

http://www.bradfordmillerlaw.com

Offering free legal representation to homeowners seeking a short sale

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