Posted on: 22nd Dec, 2011 02:31 am
I am the administrator of my father's estate. He is deceased now. I find that his home is worth 70k but the balance of his mortgage is like 118k. Are there any programs out there to correct this situation?
if the loan was owned by fannie mae or freddie mac, it is possible, but they will only refinance up to 125% of the value. you are not on the loan, so the lender will most likely not work with you. your best option is to see if they can initiate a short sale, to get you out of the property.
hi rains,
i agree with what chris has said. it will be difficult for you get an option to save the property. it will be better if you could contact the lender and check out if he is ready to offer you a short sale or a deed in lieu of foreclosure. if the lender agrees to a deed in lieu of foreclosure, then you won't be liable for paying off the deficient balance resulting from the sale to the lender.
thanks
i agree with what chris has said. it will be difficult for you get an option to save the property. it will be better if you could contact the lender and check out if he is ready to offer you a short sale or a deed in lieu of foreclosure. if the lender agrees to a deed in lieu of foreclosure, then you won't be liable for paying off the deficient balance resulting from the sale to the lender.
thanks
