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My father died and his girlfriend stopped paying the mortgage. She wants her son to swoop in — and buy the house in foreclosure

Pricey Quentin,

My mom and father are each on the deed of our household’s land and residential. 

My mom died in 2005. My father died in 2018. There are three siblings from that marriage: my older sister, my youthful brother and myself.

We even have a half-sister from my father. We’re not certain if her mom and our father had been ever legally married. We’re not certain if this half-sister is even actually my dad’s organic daughter.

One other twist: My dad’s girlfriend of 13 years at the moment lives within the house. She stopped making the funds some time again, and now the home could also be going into foreclosures.

Her son desires to swoop in and purchase it when it goes into foreclosures. When our dad died, the home stayed in his identify. His girlfriend had simply continued to make funds, till — I imagine — they got here up with this foreclosures plan to purchase it from beneath my brother.

My sister and I’d gladly signal every thing over to my brother. Our half-sister is anticipating some cash, and even the home.

What rights does our half-sister have? Can we open a probate case now to maintain the girlfriend from shopping for the property in foreclosures?

Exasperated Daughter

You may e mail The Moneyist with any monetary and moral questions associated to coronavirus at qfottrell@marketwatch.com, and comply with Quentin Fottrell on Twitter.

Pricey Daughter,

Sure. You may and may open a probate case, and deal straight with each an estate-planning legal professional and the financial institution that holds the deed to your father’s home.

First, there’s no assure that your father’s girlfriend’s son would find yourself being the very best bidder. Second, it’s your inheritance. Third, your late father’s girlfriend was successfully paying lease. It’s not her mortgage to repay. It’s as much as your father’s kids to resolve whether or not to maintain or promote the home.

Sitting idly by whereas your father’s former house — your loved ones’s inheritance — slips into voluntary foreclosures so your late father’s girlfriend’s son can choose it up at a rock-bottom worth is just not an choice. Effectively, it’s an choice, however one that you’d in all probability all come to remorse.

Even when nobody within the household has the need or cash to tackle the accountability of paying the mortgage, you’ll get far much less for the home if it’s offered in foreclosures. Banks are usually keen to barter on repayments if you happen to want time, provided that they could lose cash on a foreclosures.

As my colleague Jacob Passy recently reported, real-estate traders usually scoop up these distressed properties at discount costs, after which flip them to make a revenue. There would seemingly be urge for food amongst traders because the variety of foreclosures has fallen to report lows. 

This plan is an egregious affront to your father’s beneficiaries — his kids, together with your half-sister, assuming she is legally his little one. Give you a plan collectively, however first save his house from foreclosures and take accountability in your father’s property.

By emailing your questions, you conform to having them revealed anonymously on MarketWatch. By submitting your story to Dow Jones & Firm, the writer of MarketWatch, you perceive and agree that we could use your story, or variations of it, in all media and platforms, together with through third events.

Take a look at the Moneyist private Facebook group, the place we search for solutions to life’s thorniest cash points. Readers write in to me with all types of dilemmas. Submit your questions, inform me what you wish to know extra about, or weigh in on the newest Moneyist columns.

The Moneyist regrets he can’t reply to questions individually.

Extra from Quentin Fottrell:

‘I’m getting compassion fatigue’: My parents said they’d rather quit their jobs and lose everything than get the COVID-19 vaccine
‘I don’t want a permanent freeloader as a boyfriend’: We met during the pandemic — and he moved 900 miles to be with me
My mother-in-law changed her will and left everything to her second husband. Can her children contest the will?
My brother-in-law died, leaving his house in a mess. His landlord wants me to repaint and replace the carpet. What should we do?

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