I am trying to figure out what the best solution for my MIL would be. She is 79 years old lives in Florida owns her house outright, owns her car outright.
A few years ago she purchased a home in Las Vegas for SIL with the understanding that she would make the mortgage payments. Over the past 6 years SIL has make payments late and speratically, in Dec she lost her job and is now 2 months behind on mortgage. She has one of those funky tiered adj rate mortgages and has called to see about loan modification,they state income is not there and Countrywide is unwilling to work on any changes.
What options does MIL have to get rid of this house. Obviously we do not want her to be sued? I am wondering if a deed in lieu would work?
A few years ago she purchased a home in Las Vegas for SIL with the understanding that she would make the mortgage payments. Over the past 6 years SIL has make payments late and speratically, in Dec she lost her job and is now 2 months behind on mortgage. She has one of those funky tiered adj rate mortgages and has called to see about loan modification,they state income is not there and Countrywide is unwilling to work on any changes.
What options does MIL have to get rid of this house. Obviously we do not want her to be sued? I am wondering if a deed in lieu would work?
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