A difficult situation
By Porcospino
@Porcospino (31366)
Denmark
July 8, 2016 4:38pm CST
My mother-in-law is trying to sell her house at the moment. Someone said that he wanted to buy the house. He made an offer, but the amount that he offered her won't cover her loans in the bank. She will end up with quite a lot of debt if she accepts the offer, and the bank might not accept it. She has to talk to them on Monday.
It is a difficult situation. It is not easy to sell houses in that area. Her house has been for sale for 10 months and if she rejects the offer she might not get another offer in the near future. She needs to find a different place to live (a smaller place without stairs)
It will be hard to pay off her debt because she is retired and she only has a small amount of money per month. My husband had given her a large amount of money several years ago, but we can't afford to help her now. My husband's sister and his brother don't have much money either.
Her financial situation will be a problem even if the bank accept the extra debt, but it is also important that she finds a different place to live. She has many illnesses and she can't stay in her current house.
8 people like this
10 responses
@Porcospino (31366)
• Denmark
9 Jul 16
That might be possible. There are some rooms upstairs that she doesn't use. The house is too big and too expensive for her. She has found an apartment where she would like to live, but she has to sell the house first.
1 person likes this
@toniganzon (72281)
• Philippines
9 Jul 16
That is one difficult situation indeed. I'm not from the same country so i don't know possible solutions she might grab. Accepting the offer to buy seems to be a good option but not the best since the money isn't enough to pay off her debt.
2 people like this
@Porcospino (31366)
• Denmark
9 Jul 16
Yes, that is the problem. The person who made the offer is interested, but he is not willing to pay the full price. There are other houses for sale in the same area, and if my mother-in.law rejects the offer it will be easy for him to find a different house.
@Porcospino (31366)
• Denmark
12 Jul 16
@toniganzon Yes, exactly. It is not easy to sell houses outside the large cities in Denmark, and the buyers know that. Many sellers have to accept lower prices if they want to sell their houses.
1 person likes this
@toniganzon (72281)
• Philippines
10 Jul 16
@Porcospino that buyer is a wise one. He knows he could get it at the price he wants. That area seems to be a buyer's market.
1 person likes this
@allknowing (136541)
• India
17 Jul 16
May be you could settle her debt and get her house in your name?
1 person likes this
@Porcospino (31366)
• Denmark
18 Jul 16
We thought about that. I think that would have been the best solution, but none of us are able to afford that. Anyway since I started the discussion the bank has agreed to lend her the money that she needs. It is not the perfect solution, because she will get a huge debt, but at least she will be able to move now.
1 person likes this
@Porcospino (31366)
• Denmark
14 Jul 16
After I started she discussion she talked to her bank. They have agreed to lend her the money. It is a very large amount of money, and it will take her many years to return the money, but at least she is able to move now.
1 person likes this
@Porcospino (31366)
• Denmark
15 Jul 16
@SIMPLYD We thought that they were going to ask for a collateral, but they didn't do that. The loan that she received is more expensive than ordinary loans because it is done without a collateral.
1 person likes this
@SIMPLYD (90722)
• Philippines
15 Jul 16
@Porcospino That is good to know . I suppose she gave a collateral for the loan ?
1 person likes this
@acelawrites (19272)
• Philippines
9 Jul 16
It is a difficult situation indeed! What if the bank forecloses the mortgaged house? Your husband and his siblings should talk about it to help their mother. Hope it will be resolved.
1 person likes this
@Porcospino (31366)
• Denmark
9 Jul 16
We are worried about foreclosure. I hope that it doesn't end that way. She really wants to move, because she needs a small apartment instead of a large house with stairs, but she is stuck in the house if she can't sell it. My husband and his sister talked on the phone today (she lives in another area) and they have also talked to my husband's brother about the situation.
@Porcospino (31366)
• Denmark
9 Jul 16
The other two siblings don't live in our area, but my husband has talked to them on the phone, and they are trying to find a solution. When my mother-in-law moves she isn't going to buy another place. She wants to rent, but she has to sell the house first.
1 person likes this
@Porcospino (31366)
• Denmark
9 Jul 16
@zap_81 She needs to borrow some money if she wants to rent an apartment. She is going to talk to the bank about that, but they might say no, because she already has debt.
@zap_81 (1019)
•
9 Jul 16
@Porcospino well hope they find a suitable and amicable solution. Just one question.. who will pay the rent ?
1 person likes this
@silvermist (19702)
• India
9 Jul 16
@Porcospino It is a very difficult situation , if even after selling the house the debts are not covered.
1 person likes this
@Porcospino (31366)
• Denmark
9 Jul 16
Yes, unfortunately it won't cover the debts. I don't think that it is realistic to get a higher price. It is hard to sell houses in that area, and if she doesn't accept the offer that she has received she might not get another offer this year.
1 person likes this
@Porcospino (31366)
• Denmark
9 Jul 16
She is very worried about the situation and so are the rest of us. She is going to call the bank on Monday and discuss the situation with them. I hope that we can find a solution.
@Porcospino (31366)
• Denmark
8 Jul 16
I think that she is afraid that she will scare him away. There are many houses for sale in that area, and it would be very easy for him to find a similar house in the same area.
1 person likes this
@Coldfront (76)
• Suzhou, China
9 Jul 16
Would the bank recover the house if cannot pay mortgages?
1 person likes this
