Posted on: 28th Jun, 2010 08:37 am
my father passed in may 2010. he refinanced with country wide which was subsequently bought out by bank of amer. there is a balance on the loan. my mother is on the original deed (1970) but is not on the refinance 2007 or 2008. no will no life or mortgage ins. boa states sell, foreclose, or assume mortgage. don't know the ratio of home equity to loan balance.
should we try to sell or simply let the home go?
if there is equity beyond the loan bal. will it go to the bank or my mom?
should we try to sell or simply let the home go?
if there is equity beyond the loan bal. will it go to the bank or my mom?
Hi mlmjr!
Welcome to forums!
You need to contact an appraiser and appraise the property in order to know the equity that you have on it. If you want to get rid of the property, then you can sell off the property and pay off the lender. If there is equity in the property and if you wish to save the property, then you or your mother can assume the mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You need to contact an appraiser and appraise the property in order to know the equity that you have on it. If you want to get rid of the property, then you can sell off the property and pay off the lender. If there is equity in the property and if you wish to save the property, then you or your mother can assume the mortgage.
Feel free to ask if you've further queries.
Sussane