Grandparent deathly ill what to do with the house?

Question

He is facing being foreclosed on there is nothing nobody can do most people in the family worked for GM and are without jobs now or hardly working as of recent. Grandpas health is real bad and they don't think he will be with us to much longer. We got even more bad news last week! We talked about selling his house which he wanted to do but here in Ohio were we are no houses are selling so that isn't going to work. His house is worth much more than what he owes on it which means not a whole lot. I am trying to deal with the bank I am his POA and everytime I talk to them I talk to someone different and it's ticking me off. I have less than a year here in Ohio and then I'm moving do to orders. So was just wanting to know what would be the best way for me to go about handling his home being foreclosed on? They keep sending bills he has no money the way it is now he can't work anymore because of his health. Can I just tell the bank go ahead and have it foreclosed on?

Answer 1

Consider a reverse mortgage. It could be exactly what you need to keep grandpa in his home and provide him with additional income.

Answer 2

A reverse mortgage seems like it would be a good idea, but you should also talk to an attorney.  Hope this helps, and I will also keep you and your family in my prayers. God bless

Answer 3

convert it into a brohel and make $$$$$$$$ mucho   grandma would have wanted it this way

Answer 4

I'm sorry i cant help you but i just wanna say good luck with everything, i really hope things work out for you in the end. I'm sorry about your grandpa. Take care mayne.

Answer 5

Set up an appointment to meet with the mortgage company in person...  I would however list the house for sale... some houses are selling.

Answer 6

rent it out, you can use that to pay the bills until you can figure out what to do after. have youre grandpa live with someone in the family that can take care of him. and the house can have each room rented out. that will cover it.

Answer 7

You are the attorney in fact.   Most rust belt states will never see a recovery in home prices.   I would give the green light for a foreclosure proceeding to pull this issue out of the wills and estate issues ahead of you.   My prayers to your family and most especially to your grandpa.  For emphasis, I don't think if you had ten years that the home would recover in value to any significant degree.  Take you power of attorney document to the bank so that they are comfortable with your directive on the foreclosure.