I have a question that I am asking on behalf of my mother.
My grandmother (her mother) passed away on October 10, 2007. She has purchased a Condo two years ago and now my mother is plagued with what to do with it
The Specs:
Indiana
She cannot own the property because it states must be 55 and older to own
Interest only non assumable loan on condo
$20,000 down
Purchase price $148,000
Listed at $139,000 Put on market October 31, 2007
(Thinking it may sell for about $131,000 based on other condos for sale in community so will be taking huge loss on it)
Balance owed $118,000
Restrictions on leasing it out. Cannot rent it to anyone
Estate less then $50,000
Mother afraid she might end up having to pay more money at closing if condo were to sell
My grandmothers will listed my mother and my uncle as 50/50 to the estate.
Neither can afford to pay for anything. All the money from the estate is being used to pay outstanding bills and funeral costs
What are her rights regarding letting the property go into foreclosure or calling them mtg company and telling them to take their house back?

