Posted on: 17th Nov, 2009 06:26 pm
My business partner (tenants in common) was killed in a car accident and there is a mortgage with both our names on it. Do the heirs have to pay the mortgage or can they "walk" from the debt if they don't want the property?
I don't believe anyone can be obligated to accept an inherited debt.
Hi sjpaquin,
The heirs do not have any obligation to pay off the mortgage. If they do not want the property they can walk away from it and let it be foreclosed. The foreclosure will not affect their credit in any way. However, since you are on the mortgage, you are responsible for the loan and you need to pay it off to avoid any negative effect on your credit.
The heirs do not have any obligation to pay off the mortgage. If they do not want the property they can walk away from it and let it be foreclosed. The foreclosure will not affect their credit in any way. However, since you are on the mortgage, you are responsible for the loan and you need to pay it off to avoid any negative effect on your credit.
Do I need to get in writing they are not interested in property at this time it is just verbal and they don't understand that the propertyis up side down as they said I need to buy them out.
susan your situation needs to be ironed out between you and the heirs. you need to be able to demonstrate the current market value of the property, and the heirs need to learn that there's a big lie in saying they want nothing to do with the property, yet they want ot be bought out.
