I'm an engineer living in CA. My parents live up in WA and soon, they won't be able to pay their monthly payment on the house they're living. I grew up in that house and want to buy that house, but continue living in CA. My parents and I talked about their finances, etc., and all parties expect that May 2020 is probably the last paycheck that my parents will get. They have absolutely no savings, have tons of credit card debts.. I agreed to pay all my debt (student, car) until May and then buy their place in June 2020, for the optimal interest rate and max down payment from my savings.
Anyway, this was the situation as I understood but it might be the case that they might not even make it to May 2020, maybe Feb or March if all things go south. I was wondering how much grace period there is until foreclosure, and if I can still purchase the house from my parents before the bank or loan company takes the control of the house. I really can't buy the house before June - no flexibility in that.
Submitted October 22, 2019 at 05:49PM by loki0307 https://ift.tt/35PYd7M
