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House refinanced 3x (reddthat.com)

submitted 1 month ago by Spacehooks@reddthat.com to c/personalfinance@lemmy.ml

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My grandmother bought the home we lived in the 90s for 90k at a 8% interest rate. I found out she refinanced the house several times from what seems like predatory practices and malicious advice and now owes 250k at 6%. Basically the house I thought was paid off now has 30 mortgage and she is 90. Her grandkids are in the will to inherent the house but do we inherent this mortgage?

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[–] sugar_in_your_tea@sh.itjust.works 1 points 1 month ago

Yeah, I think this is lawyer territory. FIgure out the actual value of the property and the terms on the loans before forcing the creditors to foreclose. It could be that she signed in some additional collateral beyond the house, which may or may not be legal, and getting a Real Estate attorney involved would probably be the best course of action.

But yes, take care of this before she passes ideally so you know what you're in for.