My sis is owner of home due to death of boyfriend, rite of survivorship, her name on title. She hasn't any income, is applying for disability, will get around 20,000.00 in insurance. She was left with 10,000. debt in her name and will pay all funeral costs. House purchased 140,000. still has 101,000. mortgage and 19,000. equity loan owed. She knows she needs to part with house but how? Foreclosure, bankruptcy, etc. The mortgage and equity payments are only 3-4 weeks late but what little she has she needs to live on. Can she declare bankruptcy with money in the bank? Any advice would be so greatly appreciated. Thank-you and Happy Holidays!
Answer
She needs to consult with a bankruptcy attorney, most give free consultations. Everyone's financial situation is too unique to answer properly without a thorough consult.
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