Posted on: 09th Apr, 2010 06:08 am
HI MY NAME IS AILEEN AND I WANT TO KNOW MY BROTHER DIED AN HE OWED US FOR A HOUSE WE WERE IN BUSINESS WITH AND NOW MY SISTER-INLAW WANTS TO DEED THE DEBT OVER TO US. HOW DOES THIS WORK. THERE IS A DEBT STILL OWED ON THE HOUSE AND TSHE STOPPED PAYING THE MORTGAGE. I DO NOT KNOW IF I SHOULD START PAYING THE MORTGAGE TO KEEP IT OUT OF FORECLOSURE. NEED HELP AND ALSO DO I HAVE TO TAKE OUT A LOAN FOR THE DEBT SINCE IT WILL SOON BE UP FOR REMORTGAGE. THANK YOU
Hi AILEEN,
If your name is on the mortgage docs, then you are responsible for the mortgage payments. If you do not pay the dues, the lender will foreclose the property which will have a negative affect on your credit report. You can ask your sister-in-law to transfer the property (if her name is on the property deed) in your name and then you can refinance the loan and pay it off.
Thanks
If your name is on the mortgage docs, then you are responsible for the mortgage payments. If you do not pay the dues, the lender will foreclose the property which will have a negative affect on your credit report. You can ask your sister-in-law to transfer the property (if her name is on the property deed) in your name and then you can refinance the loan and pay it off.
Thanks