Posted on: 25th Jun, 2010 11:14 pm
My mother owns a home with a $155,000 mortgage. The home is now valued at about $120,000. She is 99 years old. When she passes, should I (or can I) just not accept the house as part of my inheritance? Should I just tell the mortgage Co. that I don't want It/ Do I have to inherit it? Or can I refuse it, and quit claim it over to a friend and get a different mortgage?Thanks!
You can file an affidavit of heirship and get the property transferred in your name. Then you can sell off the property or quit claim it over to a friend. If your name is not on the mortgage, then you won't be liable for paying the dues. If the lender does not receive the payments on time, then he will simply foreclose the property to recover his dues. As your name is not on the mortgage, then you won't be liable for paying off the deficient balance. Also, your credit scores won't get affected due to this.