What will happen if they cannot pay the mortgage?

My parents owned two homes one that my grandparents lived in and paid off this year but left it in my parents name they other they lived in. This year my Dad's pay was cut in half and now they can not make the payment on the house they are living in. My question is can they take the house that my grandparents live in since it is in my parents name even though my grandfather is the one that paid it off?What will happen if they cannot pay the mortgage?
No. The only circumstance that I can think of where that could happen is if the paid off property is being used for collateral for the loan on the second property.What will happen if they cannot pay the mortgage?
get the paid off home in the name of the occupants OR in the


name of a trust........





have the GP get a reverse annuity mortgage to get you some cash


or sell the house that is behind in payments.





or rent it out
I think your answers are a little confused on the question. I'm assuming your grandparents are deceased and they willed the house to your parents. In that case, I see no reason not to live in your grandparents house, and sell the other house. If your grandparents are still alive and living there obviously you can't boot them out of ';their'; house. If you are a teen try not to worry, and let the adults take care of this. If you are an adult chlld maybe the website below would be helpful.