Posted on: 26th Jan, 2011 02:16 pm
My husband died two weeks agao and the $175000 Mortgage taken in September 2009 was in his name. The Deed is joint. I have two very young children and no income so I cannot continue paying it. My house is underwater by $50000 or more judging from the foreclosures in my area. However, my family has offered resources to pay the Mortgage off in full if it could be negotiated down to Market value. I have some insurance proceeds and could pay the Mortgage for a while, but am uncertain if this is a good course of action. My goal is to negotiate the payoff amount down to market value so mmy parents can pay it off. How should I proceed? Should I stop paying in order to motivate the bank to negotiate or contact them and tell them what I want.
Hi Shana!
Welcome to forums!
As your name is not mentioned on the mortgage docs, then you're not personally responsible for the mortgage payments. However, if you want to save the property, then you will have to make the payments. You should contact your lender and check out if you can assume the mortgage and get a principal reduction. If the lender agrees to it, then your principal loan amount may get reduced to the present value of the property and you can pay it off.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As your name is not mentioned on the mortgage docs, then you're not personally responsible for the mortgage payments. However, if you want to save the property, then you will have to make the payments. You should contact your lender and check out if you can assume the mortgage and get a principal reduction. If the lender agrees to it, then your principal loan amount may get reduced to the present value of the property and you can pay it off.
Feel free to ask if you've further queries.
Sussane