What if the parent agrees to allowing the child to pay what they want, but assume full ownership of the home? And the debt is not fully paid off? This would be a private debt not involving a bank.What happens if a parent sells a home to a child and the debt never gets paid off? Like if the parent dies?
The debt would then be paid to the estate of the mother, and distributed to the beneficiaries of her will.What happens if a parent sells a home to a child and the debt never gets paid off? Like if the parent dies?
well being that the own the home it would depend if they put the lien (mortgage) on title, if it is on title, and there is no one to collect it, how would you have to pay it,
however if your parents keep the house titled in their name and they die without a will (trust preferrably) you could be sol
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