If you've recently suffered the sad loss of your last remaining parent, you may be anxious to do all you can to keep his or her memory close -- from retrieving prized photos or home movies from his or her home to, in some cases, actually purchasing your parent's residence from the estate. Often, purchasing your parent's home can be a great decision from both a financial and an emotional perspective, but this process is not without its complications and potential drawbacks.
Falling behind on your mortgage payments will lead to your lender starting the foreclosure process. When this happens, you will have to decide quickly what to do. While there are several options, you might decide that a short sale would be right for you. If you decide to do this, or if you would like to learn about other options, you should consult with a real estate attorney before proceeding. Your attorney will help you in the following three ways.
Eminent domain is something that you should be aware of if you are a property owner, regardless of where you own your property. You need to be ready in case the government seizes your property so that you know how to react and it won't take you by surprise. Eminent domain can be complicated, but it is important that you know how it works and what your legal recourses are in the even of eminent domain.